Simple Positive Changes for Small Business
The New Financial Year bring new opportunities with it; Simpler Business Activity Statements(BAS), Instant Asset Write Off Extension and Single Touch Payroll(STP). Paperwork can be onerous for small businesses to operate effectively and efficiently. Simpler BAS means that small businesses with turnover less than $10million will find it less cumbersome to only report 3 items instead of 7 items to ATO. In addition with the Asset Write Off Extension till 30 June 2018 at a threshold of $20,000 means that small businesses will be able to invest and innovate and write off the amount without having to amortise over years. Last but not least reporting Wages, PAYG and Super information to ATO can be very time consuming as such with STP, the process will be streamlined with information reported at the same time that these payments are made. All these bode well for small businesses.
