As a member of The Tax Institute of Australia’s SME & Tax Practitioner Technical Committee, Jonathan was asked to provide commentary on the implications of the Budget announcement for small to medium enterprises (SMEs).
In the video interview, Jonathan suggested that the 2019 budget had delivered a number of wins for the nation’s small business owners, including an increase to the instant asset write-off threshold, investment into an apprenticeship scheme, increased infrastructure spending and a $60 million injection into the export market.
The key tax takeaways Jonathan identified included:
- an increase in the instant asset write-off threshold to $30,000
- an increase in the eligibility threshold to include businesses with annual turnover of up to $50m up from $10m a year previously
- fast tracking the company tax rate cut to 25% for businesses with annual turnover of less than $50m by 2022
- increases to the unincorporated small business tax discount, and
- new measures designed to assist small businesses in disputes with the ATO.