The Government has cracked down on superannuation in this year’s budget to reduce the use of the superannuation system as an investment vehicle.
The Federal Budget saw the Canberra coffers open for those earning more than $80,000. Businesses with employees now need to update their tax tables.
To use the $20,000 asset write-off, the threshold of a “small business” has been extended to include businesses with a turnover up to $10 million.
The small business community may have a long wish list ahead of this year’s federal budget, but it may have to wait to get all it wants.
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