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New Measures announced in the 2010 Budget
In the federal budget for 2010/11 released on Tuesday the 11th May 2010 the main initiatives for small business include a reduction of the corporate tax rate from 30% to 28% and the immediate write-off for assets costing less than $5,000. Both will come into effect from July 1, 2012.
The Budget will be back in surplus three years earlier than expected thanks to Australia's fast-recovering economy. While the fiscal deficit in 2010-11 is expected to be $39.6 billion, a surge in Government tax receipts will see the Budget return to a $2 billion surplus in 2012-13.
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Small business & the Fair Work Act
The Fair Work Act 2009 sets out a number of requirements that business, including small business, needs to be aware of.
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Website for Small Businesses - Interactive Tools, Checklists & Free Information |
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CPA Australia, has been working together with the Department of Industry and Investment and the University of Western Sydney to create an information-rich website for small businesses in New South Wales.
This site has specific information for women in business, home-based businesses and young entrepreneurs. 'You'll find up-to-date news along with information about upcoming business seminars, workshops and other events, as well as useful links, case studies and much more,' says Minister Whan.
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Small businesses with an annual turnover of less than $2 million may qualify for a range of tax concessions. If your business is eligible you can choose to use the concessions that suit you. You may have to satisfy additional conditions and will need to check whether you qualify for the concessions each tax year.
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Tips To Improve Performance Management In The Global Financial Crisis |
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CPA Australia has developed the following tips* to assist businesses to improve their performance management in the current economic downturn. As strategic business leaders, accountants can refer to them when advising businesses on the ways they could improve performance management not only in the current economic environment but also when the economy recovers.
The following tips on are associated with high performance businesses. The tips will also help businesses to maximise efficiency in the current economic environment.
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