If you’ve got a growing business, these are the main areas you need to be concerned with this year.
1… Your People.
Your staff are your number one asset. Look after them. Get your industrial relations right with your employees. Pay them correctly. The Fair Work Ombudsmen in Australia is cracking down on employees’ underpayments, so you’ll need to get them on the right pay rates asap.
2… Single Touch Payroll.
From 1st July, small businesses with less than 20 employees will need to have STP. So, start looking at software now.
3… Negative Gearing.
Billy Shorten is looking at changing negative gearing. For many business people who are starting to grow, they want to develop their property portfolio. The mooted changes of negative gearing won’t be good for small business, but we’ll have to wait and see what happens.
4… Capital Gains Tax.
Low or no CGT is a key part of businesses being able to grow their wealth. It’s going to be vital to keep an eye on this area to see if any changes occur post election.
5… Franking Credits.
Company franking credits help small businesses by helping them to run cash flow. The government may or may not make significant changes in this area. Unfortunately, any changes could be bad for small business people.
Whatever you do as a business owner, don’t make decisions until the law officially changes. Even then, don’t make decisions without the right tax advice.