Australian small businesses received some great news this week. As outlined here in the Australian. The federal government has announced significant tax relief to help businesses weather the current financial storm.
As well as reductions to PAYG installment payments, the changes to the Australian tax system will allow small business to claim tax refunds in advance, instead of having to wait until the end of the financial year.
The Minister for Small Business Craig Emerson says “…the money is better off in the pockets of small business operators rather than with the tax man.”
At Xero, we agree that cashflow is king. In the current climate where job security and a business’ ability to grow depends so heavily on steady and predictable cashflow, these moves should come as a welcome gift to small business owners and employees alike.