Joint Media Release with Small Business Minister Michael McCormack
Small businesses in the Northern Territory are set for simpler Business Activity Statements (BAS), an extension to the instant asset write-off programme and the opportunity to opt in to the single-touch payroll, thanks to positive changes from the Coalition Government that come into force tomorrow.
“As the calendar turns to 1 July tomorrow, local small businesses are set to benefit from simpler paperwork and yet another year to use the instant asset write-off programme,” Country Liberals Senator for the Northern Territory, Nigel Scullion, said.
“Reporting wages, Pay-As-You-Go (PAYG) accounts withholding and superannuation information to the Australian Taxation Office can also be very time-consuming for small business, so I know many small business owners will take advantage of opting into the single-touch payroll from tomorrow.”
Small Business Minister, Michael McCormack, said the popular $20,000 instant asset write-off programme would run for another year, thanks to an extension in the recent federal budget.
“Around the country, I heard from small business how helpful the instant asset write-off is to purchase the new equipment they need to grow, and how it creates what small business calls a ‘chain reaction’ for staff and customers,” Mr McCormack said.
“We listened to that feedback and the Government extended the programme in the 2017-18 budget. As a result, small businesses with a turnover up to $10 million can continue to purchase the equipment they need to grow up to $20,000 and write it off immediately.”
Senator Scullion said small business tax cuts – which were back-dated to 1 July 2016 so small business reaped the reward immediately – also made more small businesses eligible for the programme.
“We know turnover above $2 million doesn’t mean you’re a big business, so we have changed the definition to up to $10 million to help even more genuine small businesses grow,” Senator Scullion said.
Tomorrow also sees a tax cut for the large-employing medium-sized businesses with an annual turnover up to $25 million.
“Small businesses employ almost one in every two Australians in the workforce. Our changes back them to create even more jobs and keep our economy growing.”
For more information, visit www.business.gov.au/smallbusiness.