Federal Budget And Small Businesses In Australia

Running a business does not only entail for owners keeping track of internal operations. It is also important to be on top of changes imposed by the government that has a direct impact on small business.

In general, a competent Melbourne accountant can help you stay updated on these changes as well as take time to explain to you the implications. This is one of the important functions of a Melbourne accountant many entrepreneurs often overlook. With this in mind, it is important to stay in touch and regularly coordinate with your Melbourne accountant all year round and not just during tax season.

To help you keep track of this year’s federal budget changes, here are some things that you and your Melbourne accountant should look out for:

Revenue-Boosting Levy/Tax

Whether it is called tax or levy, in general new businesses will not welcome such financial impositions. However, in light of the fact that the government coffers are not full as it has expected, there is a chance a new tax will be levied, which will have a significant impact among small businesses

Innovation Threats

Start-ups often have to deal with some of the government departments such as the Department of Industry, Innovation, Climate Change, Science, Research and Tertiary Education. This particular department oversees public spending among small and up and coming businesses. Any changes or cuts made to its program will directly impact new ventures.

These two are just some of the important things that entrepreneurs have to look out for as these carry significant impact on businesses. It can be difficult to juggle everything especially when you need to focus on getting your business on a solid footing, which is why working with a seasoned and reliable Melbourne accountant can prove to be a valuable investment even for start-ups.

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