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Keep the Wheel Turning for Small Business

01/04/2020by Brad Ferris
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In times of uncertainty, there is quite an ambiguity about the economic scenario, and how it’s going to change with the passage of time. As a matter of fact, it can be seen that these changes have resulted in the Federal Government announcing a $17.6 billion stimulus package that has given some positivity to the business community.

The key benefits of the business stimulus package includes the instant asset write off, which is mirrored with an increase in the write off threshold from $30000 to $150000. This has helped to extend access to business, which currently have revenue streams of less than $500 million.

Furthermore, this particular write off is going to be applied to assets that are acquired from the time of the announcement to 30 June 2020. This also calls for businesses to reconsider their expenses, post 30 June 2020 expenditures can ow be brought forward dated before 30 June 2020. Additionally, the package also prescribed financial incentives that are likely to support the employment of apprentices and capital expenditure.

However, a lot of work still needs to be done in order to ensure that businesses survive this time of uncertainty, and they are subsequently able to reduce the responsibility of the owners and share the responsibility to see the other end of this difficult time. This calls for identification of the inherent business risks and then requires businesses to work towards these risks so that they can hedge themselves against this phenomenon, and strive to survive this pandemic.

Brad Ferris

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Copyright by OutThink Australia Pty Ltd. All rights reserved.

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