Small businesses around Australia are set to get a boost in next week’s federal budget.
The government is expected to set aside more than $110 million to provide immediate concessions to an extra 20,000 businesses.
It’ll increase the small business entity turnover threshold from $10 million to $50 million for 10 new tax concessions.
ARTICLE CONTINUES AFTER THIS ADVERTISEMENT
While the 47 percent fringe benefits tax for business owners to retrain redundant employees will also be removed.
Small businesses that provide free car parking to their staff, or technology like phones and laptops for work purposes will also avoid the fringe benefits tax.
It’s understood the cashflow of brewers and distillers will be improved as well, with changes to the reporting of excise from a monthly basis to weekly.
More details are expected to be revealed today.