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The 2011 Budget: What it means for small business and you Posted on October 9, 2018

$5,000 immediate asset write- off for small business – Small business will receive an immediate tax write-off of $5,000 on asset purchases, including motor vehicles. This is a timing difference, not an extra tax deduction.



Fringe Benefits Tax – There will be a gradual phasing in over the next 4 years of a flat FBT rate of 20% on motor vehicles. This will only apply to cars purchased after 10 May 2011. This will help some business owners from a compliance point of view but a flat rate of 20% disadvantages your if you use your car primarily for work purposes.



Entrepreneur Tax Offset – The Entrepreneurs Tax Offset will be abolished from 1 July 2013. 



Lower Company Tax – Those using a company structure will benefit from a 1% cut to the company tax rate. Small business will received this cut in the 2012/13 financial year with big business following suit in the 2013/14 financial year. Keep in mind that whilst the company may have an income tax rate of 29%, profits distributed to resident shareholders will still be assessed at normal individual income tax rates.



Low-Income Tax Offset – Amounts able to be distributed tax free to minors from discretionary trusts will be severely reduced from 1 July 2011, as the Government has announced the withdrawal of the Low Income Tax Offset of $1,500 to those under the age of 18. 



Self-Education Expenses for Youth Allowance recipients – Legislation is set to be drafted preventing students receiving Youth Allowance from claiming their education expenses as deductions from 1 July 2011.



Flood Levy – The flood levy begins 1 July 2011 and details of the carbon tax are set to be outlined in July 2011.



For a full discussion on the budget or if you have any questions about it send us an email and we will contact you with a time to meet with you.

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Discover the difference that the right advice can make

Get in touch with our team today and learn how you and your business can grow to the next level. 

be better off.

talk to us Discover the difference that the right advice can make

Get in touch with our team today and learn how you and your business can grow to the next level. From structuring to sustainability, we'll help you reach your financial goals and live the lifestyle you deserve.

be better off.