Small businesses in Corangamite are set for simpler Business Activity Statements (BAS), an extension to the instant asset write-off program and the opportunity to opt in to the single-touch payroll thanks to positive changes in force from tomorrow, Federal Member for Corangamite, Sarah Henderson said.
“As the calendar turns to July 1 tomorrow, local small businesses are set to benefit from simpler paperwork and yet another year to use the instant asset write-off program,” Ms Henderson said.
“Reporting wages, Pay-As-You-Go (PAYG) accounts withholding and superannuation information to the Australian Taxation Office can also be very time-consuming for small business, so I know many small business owners will take advantage of opting into the single-touch payroll from tomorrow.”
Small Business Minister Michael McCormack said the popular $20,000 instant asset write-off program will run for another year thanks to an extension in the recent Federal Budget.
“Around the country, I heard from small business how helpful the instant asset write-off is to purchase the new equipment they need to grow, and how it creates what small business calls a ‘chain reaction’ for staff and customers,” Mr McCormack said.
“We listened to that feedback and the Government extended the program in the 2017-18 Budget. As a result, small businesses with a turnover up to $10 million can continue to purchase the equipment they need to grow up to $20,000 and write it off immediately.
Ms Henderson said small business tax cuts – which were back-dated to 1 July 2016 so small business reaped the reward immediately – also made more small businesses eligible for the program.
“We know turnover above $2 million doesn’t mean you’re a big business, so we have changed the definition to up to $10 million to help even more genuine small businesses grow.”
1 July 2017 also sees a tax cut for the large-employing medium-sized businesses with an annual turnover up to $25 million.
“Small businesses employ almost one in every two Australians in the workforce. Our changes back them to create even more jobs and keep our economy growing.”
For more information, visit www.business.gov.au/smallbusiness.
30 June 2017