Due to be announced today, the Government’s $17 billion stimulus package will include tax breaks and subsidies for small businesses over the next four years, including a massive expansion of the Instant Asset Tax Write-off.
The local leader in online accounting software, MYOB will be hosting Federal Labor’s first stop on the recently announced national listening tour of small businesses.
The Labor Party’s Budget reply supports the Government’s surplus and some tax cuts, yet more detail is required before clear benefit seen for the small business sector.
With a number of measures to stimulate consumer spending and ease the burden of cost for small businesses, the surplus may ease concerns regarding the global economy.
The Government has announced additional tax relief for Australians as part of its ‘Back in Black’ Federal Budget 2019 in a bid to ease the cost of living.
An increase in the Instant Asset Write-Off from $25,000 to $30,000, extra funding for export reimbursements and personal tax cuts are the biggest takeaways from this year’s Federal Budget.
Among the Instant Asset Write-Off increase and some extra money for export spending, the Government threw in a little surprise with this year’s pre-election budget with changes to the ABN system.
Hold on to your hats. Just weeks after the Government already announced an increase in the Instant Asset Write-Off from $20,000 to $25,000, tonight’s Federal Budget one-ups that.