• Trent Carter

Big Small Business Budget

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


References:

https://budget.gov.au/index.htm

https://www.abc.net.au/news/2020-10-06/budget-2020-businesses-are-big-winners/12732362

https://www.9news.com.au/national/federal-budget-2020-jobmaker-hiring-credits-for-young-employees-jobtrainer-skills-investments-and-apprenticeships-complete-asset-writeoff-for-owners/c8bcbd2d-ffae-42a3-8d00-8e27f2c3b822

https://www.abc.net.au/news/2020-10-04/federal-budget-wage-subsidy-tradies-treasurer-josh-frydenberg/12730182

https://www.miragenews.com/federal-budget-prioritises-small-business-owners-mental-health/



    Privacy Policy Available Here

    Provsight Pty Ltd T/A EZ Business Loans & Provident Lending & Business Solutions | Australian Credit License 429904

    ph: 0862010143 | Unit 43 Inspiration Business Park, 9 Vision Street WANGARA WA 6065

    © 2019 by EZ Business Loans. Proudly created with Wix.com by SLC Creative