There's no doubt it's been a tough few months for businesses across the country, with the full extent of the economic impact of COVID-19 yet to be felt.
Check out the below tax updates and grants information to ensure your business is taking full advantage of what's on offer this new financial year to help drive your growth and long-term strategy.
As of 1 July 2020, Australian businesses earning less than $50 million will see their company tax rate reduced from 27.5% to 26%. The rate for businesses with more than $50 million in annual turnover remains at 30%.
This marks the next stage of the Federal Government’s accelerated small business tax cuts which were legislated in October 2018. Along with the 2020-2021 tax cuts, businesses with a turnover of less than $50 million will have their tax rate reduced to 25% by 2021-2022 – five years earlier than originally planned.
The Minister for Employment, Skills, Small and Family Business, Senator Michaelia Cash said of the tax cuts: "As we face the biggest economic challenge since the Great Depression, supporting our small and family businesses has never been more important.
"This tax relief will mean small business owners will have more money to reinvest in their businesses, their staff and their communities."
Visit the Australian Taxation Office’s website for more information.
Looking for funding to grow your business in the next financial year? Find out in just 10 minutes what grants you could be eligible for from a range of over 1500 government grants worth almost $40 billion.
To start browsing, simply join Business Australia as a free member.
Already a member? Get started
Small Business Recovery Grant
The New South Wales Government has launched the new Small Business Recovery Grant for those affected by COVID-19.
Eligible small businesses can apply for a grant of between $500 and $3,000 to help meet the costs of safely re-opening and scaling up operations as restrictions continue to ease.
Visit Service NSW for more information and to apply.
Small Business COVID-19 Adaption Grant Program
The Queensland Government is extending the Small Business COVID-19 Adaption Grant program as part of the state’s stage 2 recovery strategy.
Eligible businesses can apply for a grant of between $2,000 to $10,000 to adapt and sustain their operations during the recovery period.
Visit Business Queensland for more information and to apply.
Subscribe to our newsletter and receive the best business tips and articles straight to your inbox.
We take your privacy seriously and by subscribing to our newsletter you agree to the terms of our Privacy Policy available below.
