Starting the new financial year can be an opportunity to rejuvenate your business and I am sure all of you are preparing your business for a new financial year.
To ensure your business is up-to-date and ready to tackle the new financial year, there are some key changes that you should be aware of which may affect the way you spend money and look after your employees.
$20,000 Asset Write-off Extension
Some of you may not know that The Federal Government announced an extension to the $20,000 write-off of depreciable assets for small businesses. This was originally introduced in the 2016/17 budget. This scheme was intended to end 30 June 2017 however it has now been extended until 30 June 2018, allowing small business owners the opportunity to continue to take advantage of this incentive.
Increase to Minimum Wages
Also, during the 2016/2017 Financial Year, the Fair Work Commission ruled that Businesses were required to pay workers on the minimum wage an extra $15.80 per week Business. 1 July 2017 was the deadline for business to adjust wages for those earning the minimum amount as per the Fair Work Commission ruling.
Finally, as at the 1 July 2017, employers with 19 or fewer employees are now required to pay their staff’s superannuation electronically. Small businesses will be no longer able to make superannuation payments by either post or using a non-compliant online system.
So hopefully you have found the above guidance both interesting and informative and the above mentioned, significant key insights helpful and profitable in your small business.
Speak with a lending specialist today about funding the growth of your business.