Hidden benefits for small business in the 2018 budget
Small business owners could be forgiven for thinking that the 2018 federal budget did not hold much for them, apart from the extension to the deadline that they can claim a tax deduction for assets costing less than $20,000. A careful reading of the budget reveals other benefits and one new penalty for the small business sector.
In addition to small business owners receiving an income tax benefit from the extension of the deadline for claiming assets costing up to $20,000 from June 30, 2018, until June 30, 2019, and also benefiting from the new low and middle-income tax offset, there was a new policy that could result in some small business owners losing a tax deduction for payments to employees and contractors.
Read the full article at the Sydney Morning Herald.