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Federal Budget 2017 - Affects to Small Businesses

Posted by LNA Master Landscapers Association on 16 May 2017
On May 8th, the Federal Budget was delivered outlining the changes to small business. In the budget, it was declared that the owners of small businesses can continue to have instant tax offsets for another year which will assist in their cash flow.  Businesses that turn over less than $10 million a year can instantly write off expenditure up to $20,000.

On the downside, some small business may have to pay the new foreign worker levy. Every employee on a temporary work visa will cost the business up to $1,800 each year while other businesses will pay a one-off levy of $5,000 for workers on a permanent skilled visa.

Along with other budget news, the Government have announced that they will provide $1.5 billion over four years from 2017-18 to introduce a permanent Skilling Australians Fund to support the skilling of our workers. This Fund will be able to support the growth of intrade and non-trade apprenticeships and traineeships in targeted areas.

This could include incentives, training programs and improving the retention and completion of the courses as well as additional support for higher level apprenticeships.

For further information on the budget click here

Author: LNA Master Landscapers Association
Tags: Resources Financial Consumer Information

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