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What does the 2017-18 budget mean for Small Businesses?

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The Federal Government has released its 2017-18 Budget forecasting a deficit at $29.4bn for 2017-18, down from $37.6bn in 2016-17.

If you’re a small business owner, the 2017 Federal Budget has one very useful inclusion for you: the continuation of a $20,000 instant asset write-off for equipment expenses.

Ticking a box that was forecast back in January, the scheme that was originally planned to run from 2015-2017 will be continued in the 2017-2018 financial year.

If you’re running a business with an annual turnover of less than $10 million, you can claim up to $20,000 worth of depreciating assets each financial year. That $10 million threshold has been raised from the previous $2 million, and the government says it will lower taxes on small businesses.