Understanding the Impact of the Budget on your Business
With last week’s government announcement that its mid-year budget is to be delivered on December 17, speculation is rife as to what it will mean for both business owners and tax payers.
As the full budget will be outlined in April, ahead of an expected May federal election, it is likely that there will be a carrot and stick approach to reel in voters.
It has been indicated that it the mid-year budget could be a ‘grab bag of goodies for businesses and taxpayers’ so while this is promising news, it is crucial that businesses seek independent and expert financial advice to help to understand the budget implications.
Melbourne-based Scott Partners are the leading financial services and accountant firm which want their customers to be confident in the knowledge of what changes could be down the line.
With any budget there is likely to be give and take, so in order to benefit from the changes that affect your business, then you must be fully up to speed on them.
It is estimated that the underlying cash deficit will be $4.9 billion, the smallest ever since the global financial crisis.
The government recently announced tax rate reductions for businesses with a turnover of less than $50m from 27.5% to 25% by 2021/22 and the start of this process will be seen on December 17.
Talk to Scott Partners today to see how your business can benefit post-budget and to assist you in taking the necessary steps to financially safeguard and grow your enterprise.