This year’s budget is clearly aiming, as Morrison often says, ‘to give a go to those that have a go’.
Small – Medium Businesses (with a turnover up to 50 million) will receive the instant Asset write off Scheme for a third year in a row, this time expanded to include multiple assets of up to $30000 worth.
The government is shoring up the powerhouse of Australia’s economy by reducing tax rates on Small – medium Businesses, with a drop of 1% by next year, and a further 1 % by 2021.
Furthermore, the government is supporting the workers of such businesses, with tax cuts to any one earning below $127 000 per year. With each worker pocketing more of their hard-earned dollars, employers should receive more bang for their bucks spent on wages, through higher morale and productivity.
Overall, the average hospitality provider is a winner in this years budget, and can benefit significantly through careful strategy both in finance and HR areas of their business.
Or more simply, if you work hard and smart, the government will ensure you see the benefits.
