Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Tax ‘goodies’ for SMEs increase post-budget

In a move that has flown under the radar, the government has moved to broaden the definition of a small business, which increases the availability of tax concessions to a broader range of businesses.

Tax&Compliance Katarina Taurian 10 May 2017
— 1 minute read

Speaking to Accountants Daily after the federal budget yesterday evening, the Institute of Public Accountants’ (IPA) Tony Greco explained that the definition of a small business has now gone from businesses with an annual turnover of $2 million to $10 million.


“So the bag of goodies will be available to more businesses,” said Mr Greco.

Those entities will have access to a suite of tax concessions, including the $20,000 instant asset write-off.

They will also have access to a lower corporate tax rate.

“It’s really a game changer for them,” Mr Greco said.

“We expect an economic dividend from the tax concessions being granted to those suite of people,” he said.

“We are very encouraged by moving the tax concessions up the food chain to those larger entities – they are the ones who employ people,” he said.

Tax ‘goodies’ for SMEs increase post-budget
image intro
accountantsdaily logo


Are you thinking of expanding your offering into SMSFs to grow your client base? Become a pro at SMSF fundamentals and make your clients bulletproof with the SMSF Foundations course. Learn directly from Aaron Dunn from Smarter SMSF as he deep-dives into the fundamentals you need to know to successfully undertake your work as an SMSF practitioner. Earn up to 21 CPD hours! Learn more