PM Planning Small Business Tax Cuts

Are you a small to medium business owner? Annual turnover of less than $50m? Here's some promising news at last.

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The Prime Minister Scott Morrison continues his plan to fast track another 2.5% of tax cuts for small and medium businesses. The original plan was to take effect in 2026-27, but the PM recently announced his pledge to have it in place by 2021-22.

2.5% may not seem much, but that additional profit can be reinvested back into the business or aid in cash flow or even tax liabilities.

Read the full story on The Guardian here.

TIP:

Whether it’s a small tax cut or a smart reduction in expenses, every dollar counts, including costs often associated with a professional accountant or bookkeeper. ITP Queensland prides itself with affordable business bookkeeping packages starting from only $35/week. The packages are designed for sole traders, partnerships, trusts or companies that come with a professional, compliant service and affordable weekly fee. Promise yourself to take a look today, it might be the savings cut you’re looking for.