After winning Saturday’s election, Prime Minister Scott Morrison is in the process finalising his cabinet. Small business were being cautious leading up to the election, as they were concerned about what the impact of the many changes Labor were proposing would have on them. The Coalition didn’t have a lot to say about new policies, however they committed to the path that they had in place for small business.
With the election over, small business can now plan with more confidence for the future. Small Business can now look back on the budget and have more confidence that the plans made so far can be continued with.
Prime Minister Scott Morrison has indicated that getting his tax changes through parliament will be a top priority. From the 2018–19 financial year — low and middle-income earners will have their tax reduced by up to $1,080 for single earners and up to $2,160 for dual-income families.
The instant asset write-off threshold will now be bumped up to $30,000. This measure has already passed parliament and will take effect from 2 April and run to 30 June 2020.
For those business owners who had looked at tax and business planning before the election, you will be able to continue along that path. For those who were waiting, we recommend that you do this quickly so you have time to get things in place before the end of the financial year.