Hockey said in an interview that global demand was weaker than expected resulting in “lower commodity prices and falling revenue.” He added that with careful planning, Australia’s economy compared to other developed countries has grown impressively in spite of the global challenges. The list of business items allowed by the government includes motor vehicles, coffee machines, refrigerators, kitchen and office furniture, portable buildings, carpets, copiers, computer equipment, pumps, heater, solar panels, air-conditioners, water tanks, security systems, and even sound system, among others.Īccording to the country’s Treasurer, Joe Hockey, Australia’s cash deficit is AUS$35.1 billion, down from the the2011-2012 figure of $43.7 billion but higher than the target of $29.8 billion for 2014-2015. Imagine this saving money on tax and increasing your property’s value! In short, you can buy business equipment, supplies, or even purchase a portable storage shed and not have to pay as much in taxes. A business owner must have an ABN or Business Number, be duly registered, and have an income of $2 million or less. At present, the previous threshold was $1,000. The Budget announcement now allows for small businesses to immediately claim 100% of their business-related expenses with a cap of $20,000. If you are thinking about going into business, now is definitely the time. With the immense amount of information and access to products and services over the Internet, starting a business has never been so easy. By definition, a small business is one that employs 20 or less people and is usually owned and run by the business owner.
It favoured the small business with the intention to assist them in growth. Australians should be on a high after the country’s 2015 budget.
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