What will the budget mean for small business?
We’ll have to wait until the federal budget is handed down to see the full details of this budget; however, Treasurer Josh Frydenberg is set to deliver some big-spending measures including:
Low and middle income earners are set to continue receiving a temporary tax cut for another 12 months, as part of a budget plan to maintain confidence in the economy.
The government may take on advice from the fintech and regtech industry recommending R&D Tax Incentive (RDTI) payments to be paid out on a quarterly basis.
While the super gap between women and men will be addressed, we hope to also hear ways early childhood education, paid parental leave and funding for aged care will be reformed.
Despite announcing a $1.2 billion digital economy plan, the government is yet to specify a grant for identifying and addressing cybersecurity risks in small and medium businesses.
The federal government’s JobTrainer program is set to be extended for another 12 months, as part of a plan to ensure young Australians have in-demand skills, but it seems that JobMaker will soon be coming to an end.
As part of the budget, a $500 million reform to employee share ownership schemes will reportedly boost incentives for startups and emerging businesses to offer their staff equity.
The Federal Treasurer will deliver the 2021-22 Federal Budget on Tuesday, 11 May at approximately 7.30 pm (AEST).
Stay tuned for our key takeaways for business owners as we help you plan ahead for policies likely to impact your business.
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