What the budget update means for business owners

1 min read

Here are 5 important dates you should schedule into your calendar!

You have probably heard about the 2019-2022 budget update this week. Get a pen ready, there may be some good news for your business!

 

2 April 2019

 

Hold onto those receipts. Business owners who earn less than $50 million can claim back the business portion of tax on assets under $30,000. Eligible purchases may include new or second-hand items such as printers, work vehicle or tools until 30 June 2020.

 

1 July 2019

 

Sole traders will be eligible for an immediate cash return of up to $1080 when they file this year's tax return.

 

1 July 2020

 

Taking an apprentice under your wing? You will receive $1000 from the government if your apprentice stays for 12 months and another $1000 at the completion of their training. Valid until 2024.

 

1 July 2021

 

ABN holders with an income tax return obligation will be required to lodge their return.

 

1 July 2022

 

ABN holders will be required to confirm the accuracy of their details annually on the Australian Business Register. Don't worry we will bring you up to speed a little closer to the date.

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