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Some small business, common sense, pre-Budget moves

Wednesday, May 06, 2015

It came as something of a revelation that if you started a new small business, the professional costs of setting it up—that is, lawyers, accountants, marketing advisers and so on—could not immediately be declared as business tax deductions. No wonder people get angry with the tax system. Just when business expenses bleed money from the start up, the government screws the business.

Well, thankfully, this is to change. In a pre-budget announcement from Treasurer Hockey and Small Business Minister Billson, these expenses will be claimable immediately.  It’s about time we saw some common (tax) sense!

ICA Executive Director Ken Phillips has more on the changes in his article in Business Spectator today. These include:
  • Removing the risk of a capital gains tax bill if you change your business structure (amazing that the risk should exist!);
  • Investigation into removing/easing corporate regulation on small business;
  • A single site for business registrations;
  • Better tax arrangements for employee share schemes; and
  • Opening up crowd-sourced equity funding. NZ and UK have done this.
As the Abbott government is progressing, it’s building quite a list of positive self-employed/small business reform moves. There’s still lots more to be done. And although each move seems to be small, when put together the reform programme is building to something quite big.

Maybe there’s some hope for us ‘downtrodden’ small business ‘dreamers’. If the government ‘monkey’ can be lifted a little bit from our backs, we can put full focus on making business work. That would be nice!!!

 

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