If you are a small business owner in Australia, your business paperwork
has been shrunk dramatically. With the new Business Activity Statement, there are only three categories to report on instead of seven. And with the new Pay As You Go single touch system, payroll reporting becomes an easier task. Also included again is the $20,000 asset tax write off program. This is available to
any business that reports under $10 million dollars in turnover.There is
also a new tax cut beginning on July 1st 2017, for medium and larger businesses who have up to $25 million in turnover.
Key Takeaways:
- Small Business Activity Statements can benefit a business by simplifying paperwork.
- The instant writeoff program can benefit these businesses by its tax cut.
- Turnover will be reduced by the help a business receives from the tax cut.
“The start of a new financial year means paperwork will be simpler for small business and the popular instant asset write-off programme will continue for another year”
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