Small businesses in the South West are set for simpler Business Activity Statements (BAS), an extension to the instant asset write-off programme and the opportunity to opt in to the single-touch payroll thanks to positive changes in force Member for Forrest Nola Marino said.
“As we’ve hit a new financial year, local small businesses are set to benefit from simpler paperwork and yet another year to use the instant asset write-off programme,” Mrs Marino said.
“Reporting wages, Pay-As-You-Go (PAYG) accounts withholding and superannuation information to the Australian Taxation Office can also be very time-consuming for small business, so I know many small business owners will take advantage of opting into the single-touch payroll.”
Mrs Marino said the popular $20,000 instant asset write-off programme will run for another year thanks to an extension in the recent Federal Budget.
“Around the South West, I’ve heard from small business how helpful the instant asset write-off is to purchase the new equipment they need to grow, and how it creates what small business calls a ‘chain reaction’ for staff and customers,” Mrs Marino said.
“We listened to that feedback and the Government extended the programme in the 2017-18 Budget. As a result, small businesses with a turnover up to $10 million can continue to purchase the equipment they need to grow up to $20,000 and write it off immediately.”
Mrs Marino said small business tax cuts – which were back-dated to 1 July 2016 so small business reaped the reward immediately – also made more small businesses eligible for the programme.
1 July 2017 also sees a tax cut for the large-employing medium-sized businesses with an annual turnover up to $25 million.