It’s good news for SME’s looking to purchase new or second hand equipment.
“The Government should listen to the unanimous recommendations of the Senate Standing Committee on Economics, and the widespread warnings from industry, and rethink its proposed cuts to the Research and Development Tax Incentive (R&DTI),” Australian Industry Group Chief Executive Innes Willox said.
The Australian Taxation Office (ATO) announced that people impacted by the recent floods in North Queensland will be granted extra time to deal with their tax affairs.
“SMEs across the country will welcome the announcement by the Prime Minister of the planned extension for the 2019-20 year of instant asset write-off arrangements for Australian SMEs and a raising of the threshold from $20,000 to $25,000,” Innes Willox, Chief Executive of Ai Group, said.
Here’s the good news on claiming the cost of your business assets.
New research has found that small businesses in Australia are paying more than $130,000 to resolve a dispute through formal pathways; double the cost of a decade ago.
The NSW Treasurer’s announcement of changes to the State’s stamp duty system is a much-needed structural reform which, over time, will help reduce the tax burden on people buying a home in NSW.
“The Victorian Premier has highlighted the volatile nature of stamp duty revenue,” said HIA Executive Director Victoria, Fiona Nield.
“The indexation of Stamp Duty is a step forward in reducing the taxation imposts on housing,” stated Tim Reardon, HIA’s Principal Economist.
“With house prices falling and building activity in decline this is not the appropriate time in the housing cycle to increase Capital Gains Tax,” stated HIA’s Principal Economist, Tim Reardon.