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FEDERAL BUDGET 2021: What's in it for Small Business?

May 17, 2021

FEDERAL BUDGET 2021: What's in it for Small Business?

Empire Road Investments
 
 
 
Empire Road Investments logo.
 
 
 
 
FEDERAL BUDGET 2021:
What's in it for Small Business?
 
 
 
 
 
With the Federal Treasurer recently describing the small business sector as the 'engine room of the economy', we're pleased to note the Government has included a range of support measures for small business as part of the 2021-22 Federal Budget.
 
Budget highlight snapshot for small businesses
 
Focus on digital solutions - A $12.7 million injection into free and subsidised digital business advice plus $15.3 million to help businesses with digital invoicing.
 
Industry-based tax incentives - Industries include brewers, gaming and tech.
 
Incentives to keep tech R&D in Australia - Concessional tax rates of 17% are planned to encourage Aussie Biotech and Medtech entrepreneurs to keep R&D within Australia.
 
Instant asset write-off has been extended again - This time to 30 June 2023 (provided the assets for write-off are first used or installed by then) as well as further incentives to offset losses as a result of the Pandemic.
 
Superannuation monthly threshold abolished.
 
Employee share scheme overhauled - Taxation changes are intended to help emerging businesses attract the best talent using share incentive schemes.
 
For further information and the full details of the Federal Budget for 2021-22, visit www.budget.gov.au .
 
ARTICLE: The Budget: What's in it for small business?
 
EOFY NZ Common questions From industry-based tax incentives to investment in digital solutions and support, this article takes a look at what the Federal Budget might mean for SMEs in simple terms.
 
Read Article
 
 
 
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