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.
“This is great news for the hundreds of thousands of small businesses in the building industry. It will allow them to invest back in their business and expand the number of people they employ. Said HIA Acting Chief Executive of Industry Policy Tim Reardon.
More than 370,000 building businesses will benefit from the Government’s decision to fast track tax relief for SMEs.
“The welcome announcement that the Federal Government intends to bring forward the small business tax cuts will boost investment and employment with these benefits spread widely across the Australian economy,” Australian Industry Group Chief Executive, Innes Willox, said.
“While it is not a surprise, the rejection by the Senate of the remainder of the Government’s Enterprise Tax Plan and its subsequent withdrawal by the Government is a major setback for Australian competitiveness and, ultimately, also a setback for future living standards, Mr Willox, Chief Executive Innes Willox said.