According to Treasurer Scott Morrison, small businesses “deserve our respect and support”. Hear, hear!

With the 2017 budget handed down yesterday, what exactly is in it to support small business?

The good news is that the $20k instant asset tax write-off is here to stay for at least another 12 months. There’s also more funding allocated to important issues such as reducing red tape, manufacturing, scientific research, supporting apprentices and crowdfunding equity.

On the flip side, all individuals will be paying more tax and if you utilise workers who are on temporary work visas, it will cost you more.

So although, the government is crowing about its support for small business, let’s just say it’s a neutral outcome overall - which is certainly not a bad position to be in. Keep in mind that the instant tax offset is flagged to drop back to $1000 on 1 July 2018 so be sure you’re maximising the benefits now.

If you’re not sure, give us a call on 0413 328 419 and we’ll talk you through it.