What does this year’s Federal Budget mean for middle-market businesses and individuals?
With cost-of-living relief at its centre, Jim Chalmers’ second Federal Budget also aims to increase access to affordable housing and healthcare and support a shift to clean energy. While not the big winners this year, Australian businesses will benefit from a tax break to reduce energy costs, support for small business tax compliance and measures to address the skills shortage including more fee-free TAFE places and a national skills agreement.
5 take-outs for SMEs
Get your compliance in order
There is extra funding for the ATO to chase tax debts, but there’s an amnesty to allow small businesses to get their tax lodgments up to date.
Be energy efficient
And utilise a range of incentives to save on energy bills and tax.
Use the instant asset write-off
Temporary full expensing applies to 30 June 2023, then a $20,000 instant asset write off will take its place.
Watch your cash flow
Cash is king, but there will be increasing strains on business cash flow.
Manage your superannuation
The Superannuation Guarantee rate is increasing to 11% and the timing of payment of super contributions will change.
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