BBBudget - On the Right Side This Time Round
As with every Budget, there were winners and losers. After years of being on the losing side, SMEs emerged yesterday on the right side... the winning side!
I know I wasn't the only person in this space who scratched their head, Budget after Budget, year after year, watching SMEs benignly bypassed, all the while having to listen to the clarion call to 'innovate us out of this mess, why don't you'.
We work weekly with hundreds of SMEs at very close quarters. Hell, we're even one ourselves! If you take service to this sector seriously, you live every ebb and flow, every win and every loss. We know what it takes to get up, day-after-day, and look at the steep gradient in the road bravely and put one foot in front of the other. SMEs are amazing. The people that risk everything to start them are amazing. We employ so many, pay so much in taxes, put homes on the line and if we're lucky, become the big business of the future for the benefit of generations to come.
So back to winning and to summarise the main SME benefits:
- Tax cuts for small business from 30 percent to 28.5 percent
- Upfront asset deductions
- Upfront deductions and assistance for Start-Ups
- CGT roll-over relief for small business restructures
- Improvements to the ATO to cut red tape
- A new Crowd-Funding Initiative
So to all the SMEs out there, our clients and those whose path we might cross someday, celebrate yesterday's Budget for the win it was. It might be a while before we're on this side again!
BBB, a Telstra Business Award finalist, has spent more than eight years nationally assisting SMEs to drive value through financial processes through our unique approach of Program + People + Process.
For more information on how to make the most of these benefits on a day-to-day basis, visit www.betterbusinessbasics.com.au