After 5 weeks of speculation and commentary the wait and the suspense is over.
Last night Treasurer Scott Morrison handed down his much anticipated budget, and there weren’t too many surprises! But Mr Morrison does appear to have a strong focus on small business, saying “Small business owners are out there fighting for growth in their businesses every day. They deserve our respect and support.” But did his budget deliver on this?
So the big question is, has he delivered respect and support to small businesses? Let's find out?
BUDGET ROUNDUP: PRE ANNOUNCEMENT EDITION
Working capital and cashflow are the biggest challenge faced by small businesses trying to manage and scale their business. In a recent poll on the My Business website almost one third cited capital as the biggest impediment to growth. Yet we need small businesses to grow in order to grow job opportunities and output for the benefit of the economy.
The Turnbull Government has pledged to support tech companies, and in particular startups. The National Innovation Agenda had been well received with the possibilities that it presented. However, the governments announcement recently to scrap the 457 visa scheme and to tighten rules for working visas may be casting uncertainty over this sector.
Australia’s oldest and most successful tech incubator, Cicada has advised that roughly a third of their startups have people on 457s, and about 70% of those companies that have scaled up are also utilising talent on 457s.
BUDGET ROUNDUP: EDITION FOUR
With another budget deficit looming there is a an increased pressure on the government to finally crack down on multinational companies. While the 2016 budget addressed the issues of tax avoidance by multinationals and implemented some policies to tighten regulations, is more still needed?
You might be pretty good at paying your employees their wages and PAYG tax payments are now automated when you do your BAS lodgements. However, what about super? This can often be a forgotten liability that a business faces. But did you know that like your BAS, super needs to be reported on and paid quarterly. Plus there are penalties that apply if you don’t.
Does the mention of June 30 instantly make you feel stressed? Do you dread the end of the tax year because you know that it will cause you a mountain of work? With the right tax planning, it doesn’t have to be that way!
BUDGET ROUNDUP: EDITION THREE
Business and budget news has been overshadowed this week by the Government’s controversial announcement that they will be cracking down on immigration laws in Australia. But it was the announcement of the removal of 457 visas that has sent the business world into a spin.
Unless you work in finance you probably hate it! Dealing with financials is an important part of every business whether it is an ASX listed company or a startup. Not everyone has a passion for numbers and ensuring that your books are in order, bills paid and invoices received is critical to a business. As such many businesses choose to outsource this element to skilled professionals. So how do you determine when it is the right time to outsource?
BUDGET ROUNDUP: EDITION TWO
With only four weeks till the budget will be announced, speculation is growing over what it will include, and just how big that deficit will be.
As your business grows so too will your finance team. In fact the latest data from the Australian Bureau of Statistics shows that there has been an increase in financial services roles across the last quarter of 2016 and the first quarter of 2017, with a steady hiring pace expected throughout the rest of the year.