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MYOB welcomes news of BAS simplification for SMEs.
Small business is undoubtedly the big winner from the 2016–17 Federal Budget.
The 2016 Budget announces a schedule of company tax cuts that will eventually bring the corporate tax rate down to 25 percent.
The main thrust of the 2016 Budget is simple; enhance job growth with tax cuts and incentives, and improvements to the superannuation system.
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.