Running a Small Business? The only things you really need to know about the Budget. (We promise this is short and sweet…)

• From 1st July 2021, the Superannuation Guarantee will increase from 9.5% to 10%.  This is consistent with our advice in this previous blog about this topic last September.
• From 1st July 2022, the current $450 per month Minimum Income Threshold, whereby employees do not have to be paid the Superannuation Guarantee by their employer, will be removed.
• The existing Wage Subsidy Program to further support businesses to take on new apprentices and trainees will be expanded.  Eligible businesses will be reimbursed up to 50% of an apprentice or trainee’s wage of up to $7,000 per quarter for 12 months. Read more
• Until 30th June 2023, any plant, equipment and certain intangible assets (patent, registered design, copyright) you buy and install, can be fully deducted.
• If your company incurs a loss in a financial year up until 30th June 2023, you may be able to carry it back and receive a refund of tax paid in the past.
• There have been some simplifications to reduce the tax burden on employees under Employee Share Schemes.
• From 1st July 2022, income derived from new Australian Medical and Biotechnology Patents will be at a concessional effective Corporate Tax Rate of 17% (Patent Box).
• There is a substantial amount of money available to certain industries and we will provide a summary on how your business may be able to gain access to this cash in the coming weeks.

Please call us on 07 3844 5555 to discuss with a Macro Group Team Member if you would like further information.

Date Published: 13 May 2021.