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|Posted on 21 September, 2013 at 23:46||comments (49)|
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|Posted on 14 May, 2013 at 22:32||comments (26)|
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|Posted on 14 May, 2013 at 22:28||comments (94)|
PRESS RELEASE: Small business loses out again
Tuesday, 14 May 2013
Small businesses across Australia can expect further pain this year thanks to tonight's Federal Budget which has again foregone any recognition of the value of the small business sector, according to the Institute of Public Accountants (IPA).
"Instead of a reduction in the regulatory burden and provision of long sought after tax breaks to support the vital small business sector, we find ourselves with yet another Budget that will do nothing to promote the small business sector," said IPA chief executive officer, Andrew Conway.
While we welcome measures such as the Industry Innovation Precincts, Enterprise Solutions Program and changes to the venture capital regime, there is nothing substantial to create sustainable, long term improvements in productivity.
"The contribution of small business to the Australian economy speaks for itself. There are 2.7 million small businesses in Australia; which represents 96% of all businesses; employing 47% of private sector employment; and they contribute 35 % GDP.
"In the IPA's pre-Budget submission he IPA made a number of recommendations to the Government on behalf of small business. These included adopting a concessionary rate of tax for small business balanced by removing complicated tax concessions.
"The Government's claim that it has acted on a third of 138 recommendations from the Henry Tax review is not a proud record of tax reform.
"The Budget is noticeable for what it doesn't include rather than inclusion of any significant measures for reform. We need a plan to build and sustain the future wellbeing of the small business sector so that it can continue to make a vital contribution to the Australian economy", said Mr Conway.
|Posted on 26 February, 2013 at 20:41||comments (106)|
Some changes in the tax laws to be aware of:
Small asset write off
If the asset purchase costs less than $6,500 you will obtain a 100 per cent write off in your 2012/13 tax year. Faster write off for tax translate to cash flow benefits as you are able to bring forward deductions which reduce your tax bill.
Small businesses will be entitled to additional one-off depreciation deduction of $5,000. The remainder of the purchase cost is depreciated as part of the general small business pool at 15 per cent in the first year and 30 per cent in later years. The positive aspect of this initiative is that it applies to both used and new motor vehicles. If a tradesman purchases a ute that costs less than $6,500 after 1 July 2012, which is used for business purposes only, then it will be able to claim full amount as the vehicle is under the small asset threshold. If the motor vehicle cost say $14,000 the business could deduct $6,350 in its first year ($5,000 + 15% x ((100% x $14,000) - $5,000) = $6,350.