The Treasurer Joe Hockey handed down the federal budget on the 12th May and stated, “Our future growth will come from growing small business into big business.” Small business was front and centre in this budget.
Covers budget changes for small business including asset write off and accelerated depreciation, cut in corporate tax rate and employer subsidies for hiring workers under 30 and over 50.
Covers budget changes for personal taxation including work related car expenses and the Medicare levy low income thresholds.
Looks at other measures including the aged pension asset test thresholds, Family Tax Benefit and Paid Parental Leave changes.
Small businesses that supply their employees with portable devices including laptop computers and tablets will no longer need to pay Fringe Benefits Tax (FBT) on either device. Previously, businesses may not have been able to obtain an FBT exemption on such devices because a laptop and a tablet could be considered to have ‘substantially identical functions’.
In the digital age if your business isn’t going forward, it’s actually going backwards. Put another way, serial entrepreneur Creel Price says, “In business you are either green and growing or you’re ripe and rotting”. So how do you measure your business progress?
In this edition of Tech Corner, we look at Spreecast which is a simple way to have free, instant video, audio and text chat calls with up to 3 people at the same time.
The ATO has issued several warnings recently regarding a number of scams targeting taxpayers.