With this year’s federal budget now well and truly digested, My Business can reveal that less than half of SMEs believe it was actually good for business growth.
In a straw poll conducted on the My Business site in the month to 12 June, 2018, just 46 per cent of respondents suggested the federal budget was good for SMEs.
Close to one third (32.3 per cent) felt the measures contained in the budget would negatively impacts SMEs.
Yet in a sign that the political rhetoric and spin can be difficult to digest, more than one in five business owners (21.7 per cent) admitted they are still unsure of what impact the budget will have.
That potentially leaves many businesses exposed, by not claiming new deductions and entitlements for which they may be eligible, and on the flip side, being hit with surprising costs and cessation of grants.
One ongoing cause of confusion is the $20,000 instant asset write-off. Available to businesses with up to $10 million in annual turnover, the measure enables businesses to claim an immediate deduction on asset purchases worth less than — but not equal to — $20,000, instead of claiming the depreciation over multiple years.
Many businesses have also been concerned about how the government’s crackdown on cash payments will work in practice.
Aimed at restricting criminal activity and tax evasion, some business leaders have expressed concerns about getting caught in the crossfire.
Adam Zuchetti is the editor of My Business, and has steered the publication’s editorial direction since early 2016.