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In a move that has flown under the radar, the government has moved to broaden the definition of a small business, which increases the availability of tax concessions to a broader range of businesses.
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Tax ‘goodies’ for SMEs increase post-budget
10 May 2017
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Speaking to Accountants Daily after the federal budget yesterday evening, the Institute of Public Accountants’ (IPA) Tony Greco explained that the definition of a small business has now gone from businesses with an annual turnover of $2 million to $10 million.
“So the bag of goodies will be available to more businesses,” said Mr Greco.
Those entities will have access to a suite of tax concessions, including the $20,000 instant asset write-off.
They will also have access to a lower corporate tax rate.
“It’s really a game changer for them,” Mr Greco said.
“We expect an economic dividend from the tax concessions being granted to those suite of people,” he said.
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“We are very encouraged by moving the tax concessions up the food chain to those larger entities – they are the ones who employ people,” he said.
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