Turnover in business is a major issue, I know this as I work in retail and we face tons and tons of turnover. Turnover can be very costly, and any type of tax break creally help a business, especially a small business. Turnover can be costly because we waste so much money hiring people just for them to turn around and quit mostly due to the lack of training that they have been given. So, its not always the quitters fault, its the companies as well.
- New tax cuts remove barriers that discouraged small businesses from growing past 2 million in revenue, due to benefits lost from no longer being considered a small business.
- The change for Australia’s small to medium enterprises (SME) will encourage small business owners to invest and take on more employees.
- SMEs drive the economy, because for every one dollar SMEs put into big business big business in turn puts in two dollars into SMEs.
“Last year, a survey by MYOB revealed more than half (56 per cent) of small businesses believed that lowering the company tax rate to 27.5 per cent for businesses with up to $10 million in revenue would have a positive impact.”