The budget to get the economy back on track has been released, and there is a lot of wins for business owners.
Here are the key areas for Small Business Owners to focus on;
Instant Asset Write-off - around 99% of Australian businesses will be able to deduct the FULL value of any eligible asset they purchase for their business.
Loss Carry Back Provision - Instead of having to wait for the business to return to profit to offset its income tax. The "Carry-Back" provision will see businesses who make a loss in the last, current or next financial year be able to offset that loss against profits made and taxes paid, from the FY2018-19 year. Essentially a refund on tax already paid in previous years.
Apprenticeships and Trainees Wage Subsidy - businesses may be able to claim up to 50% of the first years salaries of new apprentices and trainees.
JobMaker Program - For businesses employing people between 16 and 35 they will be able to claim up to $200 a week as a wage subsidy.
Mental Health Support for Small Business Owners - $4.26M to support a Beyond Blue program NewAccess, which will provide small business owners with access to free one-on-one telehealth sessions with specially trained mental health coaches.
There is a lot to like in this budget and many with the right advice from their accountants and other advisors will be able to take advantage of to have a stronger business coming out of Covid-19 than what they had coming into it.
For more information on how to access funding AND to secure your access to the full Business financial Success Program click HERE
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