Small to Medium Enterprises across the nation can get on with running their business, after Tuesday’s Federal Budget focused on integrity measures rather than imposing significant additional compliance.
Greg Travers, Director of Tax Services at William Buck Chartered Accountants said this was a welcome change; recognising that most Small to Medium Enterprises need less of a compliance burden.
“This year, most SMEs will appreciate the silence,” Travers said.
“Tax cuts have already been legislated for most SMEs, and as widely expected the $20,000 asset write off is being extended for another 12 months,” Travers said.
“The best way to support SMEs to invest and create jobs, is to minimise the compliance burden placed on them. I think this Budget has recognised that,” he said.
Travers said the integrity measures announced would be positive.
“This year’s budget focuses on those that are doing the wrong thing – the black economy measures being key,” Travers said.
“The integrity measures in this Budget should help ‘level the playing field’ for businesses, by making it much harder for those businesses to avoid their tax obligations,” he said.
“The integrity measures will provide clarity for businesses on some key issues, such as those applying to trusts and Division 7A and so should actually be a positive.”
“The vast majority of SME businesses comply with the tax laws and just want to get on with running their businesses,” Travers said.
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