With one month to go until the end of financial year, around one third of SMEs are making inroads into their financial reporting obligations – the majority will leave it to the last minute.
As the end of financial year approaches, the Australian Taxation Office (ATO) is expected to data-match over 640 million transactions to tax returns this year.
With the $484.2 million Entrepreneurs’ Infrastructure Program giving small business up to $20,000 in loans, a cut in company tax for those earning below $5 million taxable income and other measures, there’s a lot to smile about.
The end of the financial year is fast approaching and small businesses need to get their tax affairs in order.
Small business has emerged as a relative winner from Joe Hockey’s tough first budget containing long-term structural reforms including painful savings in the areas health, welfare and education.
While the government is rightly attempting to put our fiscal position on a sustainable footing its sense of urgency seems to be at the expense of long-term, broader reform to the tax system.
It’s been a super month for Government economic statements, in Australia with the long awaited “commission of audit’ report being released just ahead of the usual Federal Budget unveiling.
Small and medium sized businesses do not want to see an increase in the goods and services tax in next week’s Federal Budget and many are pessimistic about whether the Abbott Government will deliver on its promises for the sector.
When the Commission of Audit report was released last week – replete with sweeping cuts to public spending – it became clear that this years’ budget would be taking no prisoners. We’ve been living beyond out means for too long, and the party is over.
The majority of small business owners face a vicious “double whammy” revenue hit if Tony Abbott proceeds with a mooted debt levy on income tax to repair the budget.
