Treasurer Scott Morrison released the budget for 2018–19 this month, and small business have at least 12 things to smile about.

Budget 2018–19 came with a range of changes in a bid to help small businesses grow, drive export and create jobs including:

1. Extend the instant asset write-off to 30 June 2019 for businesses with a turnover up to $10 million for purchases of up to $20,000;
2. Increase the unincorporated small business tax discount rate from 5 per cent to 8 per cent (up to a cap of $1,000). This rate will increase to 16 per cent by 2026–27;
3. Companies with annual turnover less than $50 million will have their tax rate cut to 27.5 percent from 1 July 2018. This is the lowest level in over 50 years.
4. The small business entity turnover threshold has also been lifted from $2 million to $10 million, which has extended access to a range of small business tax concessions.
5. The Government has streamlined GST reporting for around 2.7 million small businesses by reducing the number of BAS GST questions to only three and scrapping the requirement for a 20 question worksheet. When fully implemented, Simpler BAS is estimated to save each small business an average of $590 per year.
6. The Government has streamlined GST reporting for around 2.7 million small businesses by reducing the number of BAS GST questions to only three and scrapping the requirement for a 20 question worksheet. When fully implemented, Simpler BAS is estimated to save each small business an average of $590 per year.
7. While the new Australian Financial Complaints Authority will ensure that many more small businesses have access to free, fast and binding dispute resolution.
8. Invest $20 million in SME Export Hubs to foster greater cooperation between Australian businesses;
9. Provide an additional $250 million for the Skilling Australians Fund;
10. Extend unfair contract terms protections;
11. The Government is providing $29.9 million to grow Australia’s capabilities in artificial intelligence (AI) and machine learning.
12. Legislate a Consumer Data Right — which will first be applied to banking — to give Australians greater control over their data and share it safely with trusted and accredited service providers.

Our Wealth Market experts have prepared a wrap up of the 2018-19 Federal Budget with the most important information for you and your clients. Click here to download the full report.