13 56 22
Business insurance
Farm insurance
Personal insurance
Commercial motor & fleet insurance
Insurance
Select an insurance category to view our options:
18 December 2015
The year is drawing nearer to its end, and looking back over the past 12 months, some watershed moments for Australian business stand out. While the signing of two huge trade agreements throughout 2015 are likely to be remembered by big business and the government, for small business owners the year may go down as the one where they cashed in on new tax breaks.
Fairfax Media reported on December 15 that almost 100,000 Australians SMEs have taken advantage of the federal government's $20,000 instant asset write-off scheme, which was introduced in May. The total claims across the nation between July and December added up to $418 million, with an average claim of $4,213, according to Treasury figures.
Speaking to the Sydney Morning Herald about the success of the scheme, Small Business Minister and Assistant Treasurer Kelly O'Dwyer said the government was happy with the rapid take-up.
"What the figures demonstrate is that small business are making significant investments in their business and in growing their business and, in so doing, it is a huge vote of confidence for the national economy," she said.
SMEs happy with new leadership
It has been a turbulent year in Australian federal politics, however it seems that the change of personnel in the top job has worked out in favour of the country's SMEs. The latest MYOB Business Monitor found that dissatisfaction with the federal government fell to its lowest level in the six-year history of the survey, which the Turnbull government can take as a big thumbs up.
John Moss, MYOB's Chief Strategy Officer, speculated that the instant asset write-off scheme had a lot to do with the turnaround in business satisfaction, noting that 25 per cent of SMEs surveyed had taken advantage of the government's enticing new offer.
With Australian SMEs basking in an end-of-year glow, perhaps it's time to do an audit on your own business. The good news is, much of the expense of insuring new equipment for your business can probably be offset by writing off the cost of the assets.
