“We speak with our small business customers every day, and the pressure they feel in meeting the cost of running their business makes them think very innovatively about how they can extract more from their hard-earned profits to grow and expand their business,” said Alan Osrin, managing director for Sage Australia.
“The more government can support and reward small business, the stronger our economy will be, given the significant size of the small business sector in Australia.”
"The reduction in company tax, building up to a concession of 25 per cent, allows for the shifting of funds to spend on innovative technology that can enhance and lift efficiency for small business processes,” Mr Osrin continued.
“Australia is a nation of small businesses and [they] are this country’s main driver of economic growth. As part of the new budget, the government has redefined the definition of a small business raising the annual turnover from $2 million to $10 million, which effectively redefines the nation’s small business landscape. The announcements laid out in the new budget, in terms of tax reductions, mean that small businesses will be in a better financial position to meet their growth goals,” said Mr Osrin.
Further, by increasing the annual turnover limit from $2 million to $10 million, the new budget will allow for more Australian small businesses to take advantage of smarter and more innovative technologies to continue to help drive the Australian economy forward, Mr Osrin said.
“Bookkeepers and accountants are set to win as they will be at the forefront of helping small business navigate and maximise the potential benefits of this legislative shift.”