Recent federal budget

federal budgetThe Federal Government’s latest Budget for the 2018-19 Financial Year contained very few surprises. Small-business owners were pleased to hear the retention of the Government’s popular instant asset write-off program enabling businesses with an annual turnover of up to $10 million to immediately deduct eligible assets each costing less than $20,000.

Elsewhere in the Budget, the Government unveiled a suite of measures aimed to tackle the black economy, including implementing the recommendations of the Black Economy Taskforce’s final report which R&CA contributed several submissions towards. Funding for Tourism Australia was preserved and $40.5 million was allocated towards tourism-related infrastructure projects as part of the Building Better Regions Fund.

The Budget also clarified the circumstances under which businesses can access refunds as part of the Skilling Australians Fund levy for which the Association specifically lobbied. Businesses will be able to access refunds if sponsored visa-holders, for example, depart their employer within the first 12 months.

Lastly, the Budget allocated half a million dollars to develop a response to the findings of the Small Business Digital Taskforce which R&CA has been closely liaising with over the past six months.

Juliana Payne, CEO
Restaurant & Catering Australia

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