The 2017-18 Federal Budget was handed down on Tuesday 9 May 2017. The Government has announced a deficit of $29.4 billion in the 2017-18 Financial Year returning to a surplus of $7.4 billion in 2020-21 over the forward estimates.
Commitments for small businesses included in the Budget including an extension of the instant asset write off programme to 30 June 2018 allowing small businesses with an annual turnover of up to $10 million to immediately deduct eligible assets each costing less than $20,000. The Government also announced that it will provide States and Territories with $300 million over two years as an incentive to cut red tape and remove other restrictions hindering economic growth and competition.
For a full analysis on the 2017-18 Federal Budget, including a list of policies relevant to the hospitality sector, click here.