13th May, 2015
Message from the CEO of Bartercard Australia
Bartercard members can have their cake and eat it too under the Government’s small business boost.
Tax deductions for businesses with a turnover less than $2 million and rate cuts as part of a multi-billion-dollar boost share the spending limelight in this year’s budget, where small businesses have come out on top.
In last night’s delivery, a $5.5 billion package will see almost any asset costing less than $20,000 to be 100% tax deductable, a significant jump from the current $1,000 threshold.
As long as it’s not stock, businesses can now claim almost any item falling under the new mark in a measure to encourage spending and boost cash flow throughout the economy.
A 1.5% per cent tax cut for companies with a turnover of less than $2 million per annum is another coup which will assist more than 2 million business owners.
The 2015 budget has recognised small business as a key plank of the economy where the jobs of the future lie, so creating favourable conditions where owners can enjoy more cash flow and greater profits is a positive step forward for the sector.
It is also a coup for our members, who will enjoy the allowable deductions on goods purchased with trade dollars under the $20,000 mark, receiving a double benefit of not spending cash and a higher tax return.
On another positive note, employees in start-ups will also gain access to tax breaks on shares received as part of their pay, and retailers will benefit from end of fringe benefits tax on portable electronic devices for small business.
It will be interesting to see the impact of this year’s budget and whether it will indeed stimulate the growth and spending it envisions to.
The small business sector encompasses more than 2 million players that contribute to economic growth, diversity, greater spending choices and employment, and this year’s budget is a positive step forward for local business owners to grow and prosper.
Now is the time to spend in your business on Bartercard to gain the full cash benefits of this budget.
NAB 2015 Federal Budget breakdown
to read NAB’s in-depth analysis of the budget announcements, with a focus on what it means for you and your business.
Clive van Deventer
CEO Bartercard Australia