Following the release of the 2018 Federal Budget, there’s a lot of information to digest. To help with this, we’ve unpacked the budget’s key business themes and put them in one location where you can find the main take-outs.
- The instant-asset write off for purchases up to $20,000 will be extended for small businesses with turnover up to $10 million.
- All beer kegs larger than 8 litres will be taxed the same. Previously, beer sold in kegs larger than 48 litres had been taxed at a lower rate than smaller kegs, favouring larger producers.
- $250 million for a new Skilling Australians Fund to help grow businesses.
- $20 million for SME export hubs. The hubs will help foster greater cooperation between Australian businesses.
- $17 million per year to help small businesses in the defence industry buy equipment.
- $15 million over four years for a package of initiatives to support the Australian business community through building public support for open trade and investment, enhancing government engagement with business and maximising commercial opportunities in overseas markets.
- $17.7 million over four years for additional Inclusive Entrepreneurship Facilitators that focus on mature age people and promote entrepreneurship and new business opportunities and to provide business mentoring.
- $15 million over three years to the Australian Taxation Office to support the modernisation of payroll and superannuation fund reporting. The funding will be used to support small businesses with fewer than 20 employees during the transition to Single Touch Payroll Reporting from 1 July 2019.
Source – Bankwest