On May 3, early last week, the government announced the latest Federal Budget, including plans to help SMEs with tax changes and furthering their ability to grow and expand.
For anyone after small-business accounting in Bankstown, DBS Accountants are on hand to guide you through all of the new changes that have the potential to affect your movements in the market. Our valued clients are at the forefront of the business world in Sydney, and we can help you to achieve success in the accounting side of your organisation.
What changes to the Budget will affect your SME?
For a start, the Budget outlines the Ten Year Enterprise Tax Plan that will provide a great foundation for SMEs to move from strength to strength. Companies will be supported by a reduction in business tax, and this will contribute to a growth of 1 per cent in the size of the Australian economy as a whole. That’s fantastic news for anyone who is looking at breaking into the business landscape.
Your bright ideas might be perfect to get you into business as an Australian start-up.In fact, that ties in well with the continuing of investment in the National Innovation and Science Agenda, which helps start-ups with funding. Reduced taxes and funding for new business – there could be a large amount of new players on the scene in the next few years, and you’ll want to be set apart from the rest with solid financial footing. You’ll achieve this through excellent accountancy, and that’s where we step in.
Further to the already fantastic benefits outlined in the Budget, helping Australian businesses with their ability to earn more and be taxed less will encourage business owners to push forward and grow. The same implementation will help those employed by Australian companies as well, so supporting local business will also be supporting the hard-working families that make everything happen behind the scenes.
Why has the Budget seen these changes?
Right now is a time of year when it’s so important to have your books in order.
The Budget has been released in time with the end of the financial year – a time of year when it’s so important to have your books in order. Treasurer Scott Morrison believes this Budget is necessary for the continued growth of Australia, including the way of life we are becoming accustomed to.
“If we wish to continue to see our living standards rise with more jobs and higher wages, we need to ensure our tax system encourages investment and enterprise,” he said in his Budget release speech.
Small-business minister Kelly O’Dwyer mirrored the sentiments of Mr Morrison: “As a vital sector of our economy and the home of Australian enterprise and innovation, Australia’s hardworking small businesses need a tax system that actively supports them.”
If you need help getting your documents aligned and any books in order, get in touch with DBS Accountants in Sydney – we’ll make sure you are completely up to speed with the budgetary changes.