Growth opportunities - Australian Government that can help, all at no cost to you.

Help hiring staff

If your small business is looking to employ new staff, there are a range of initiatives from the Australian Government that can help, all at no cost to you.

There are:

• programs to help you hire and train staff
• financial incentives up to $10,000 to employ eligible staff, and
• financial incentives up to $20,500 to hire an eligible apprentice.

Get help with hiring new staff

Source: https://smallbusiness.jobs.gov.au/growth-opportunities

Australian Government and big business to pay small business on time

Government and big business to pay small business on time

The Australian Government are helping to ensure small businesses do not spend too long waiting to be paid. They have mandated a 20 calendar day payment time (reduced from 30 days) for government contracts valued up to $1 million, effective from 1 July 2019.

Further, the Government is working to develop an annual reporting framework that requires businesses with over $100 million turnover to publish payment information on how they pay small businesses. It will cover 3,000 of the largest businesses in Australia including foreign companies and government entities.

Find out more about the Payment Times Reporting Framework

Make selling to Government your business

Make selling to Government your business

Are you looking to grow your business? Have you thought about selling to the Australian Government? The Australian Government purchases a wide range of goods and services all across Australia and the vast majority of contracts are valued under $200,000.

The Government is committed to sourcing at least 35 per cent of all contracts (by value) valued up to $20 million from Small and Medium Enterprises.

Frequently purchased goods and services include:

• management and business professional services
• engineering and research services
• ICT goods and services
• education and training services
• property management and construction services
• healthcare services
• printing, audio-visual and design services.

Learn more about selling to Government

For many small businesses, managing cash flow is one of the biggest challenges. The Australian Government has new policies designed to improve cash flow, including helping small business compete for Government contracts and ensuring small business get paid on time.

Source:https://smallbusiness.jobs.gov.au/improve-your-cash-flow

Tax cuts and concessions Small business owners ATO

Tax cuts and concessions

Small business owners are eligible for the following tax cuts and concessions

• If your business is incorporated, active and has a turnover of less than $50 million per annum, your business will move to a 25 per cent tax rate by 2021–22.
• If your unincorporated small business has a turnover less than $5 million, the small business income offset is at 8%, with a limit of $1000 each year and will move to 16% from 2021–22.
• The small business entity turnover threshold has increased from $2 million to $10 million per annum, which means more small business owners have access to a range of tax concessions.
• If you’re just starting up a small business, you can immediately deduct certain professional expenses incurred in establishing your new business. This can include costs for professional, legal and accounting advice.

Learn more about tax cuts and concessions

Or to find out what concessions you can access as a small business
visit the ATO: Small Business concessions page

https://smallbusiness.jobs.gov.au/tax-measures

The Australian Government is delivering tax reforms for Australian businesses. The reforms deliver tax relief for more than 3 million small and medium businesses.

Immediate deductions up to $20,000

The $20,000 instant asset write-off has been extended to 30 June 2019

This means you can continue to claim the cost of new or second-hand assets that are less than the threshold of $20,000. What does it mean for your business?

If your business has a turnover of less than $10 million, you can instantly claim the business portion of most depreciating assets that cost less than $20,000 each.

You can claim the deduction through your tax return, in the year the asset was first bought and used or installed ready for use.

Assets of $20,000 or more can be put into a small business asset pool where you can claim a proportion of the amount as a deduction each year.

Learn more about the instant asset write-off

source: https://smallbusiness.jobs.gov.au/tax-measures