BUDGET 2018: five key takeaways for SMEs

Australian small-business owners received more opportunities, more tax support and more encouragement to look overseas as part of a federal budget which set the agenda for SMEs. 

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Pic: Australian Parliament House, Canberra

While the budget was a little bit light on direct benefits, a number of measures were unveiled which are important considerations for business owners.

"Infrastructure spend is really important for small business owners… because it creates more opportunities and more jobs.” 

Below are five key takeaways – and you can watch the video below to find out more. 

The $A20,000 dollar asset write-off policy which has been in various budgets since 2015 has been continued, which should provide welcome relief come tax time.

Increased infrastructure spend is also a boon, with $A25.4 billion in new projects unveiled. Infrastructure spend is really important for small business owners all over Australia because it creates more opportunities and more jobs.

The third highlight was related to the continued focus on developing jobs in Australia- and training new growth areas all around the country.

Another change will ensure creditors are better protected when businesses become insolvent – and importantly, small-business owners are not disadvantaged when this occurs.

The other interesting little snippet concerned cash - no longer will any payment of $AU10,000 or more be allowed. Moving forward payments of that size will be allowed only electronically or by cheque.

Finally, the introduction of small-business hubs will really encourage SME owners all over Australia to think about how they can better and more-efficiently look at exporting overseas.

And as a bonus - my personal highlight from the budget was the Treasurer's focus on small brewers and distillers - making sure that they have lower taxes (and make better beer). 

Guy Mendelson is General Manager, Small Business Banking at ANZ

You can read bluenotes’ FULL COVERAGE of #Budget2018 HERE.


The views and opinions expressed in this communication are those of the author and may not necessarily state or reflect those of ANZ.

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