Budget 2017 - 18
What does the Budget mean for your business?
The Australian Government announced its 2017-18 Budget on Tuesday, 9 May 2017. Here’s a summary of what's been proposed for business:
- The $20,000 instant asset write-off is being extended for a further 12 months to 30 June 2018 for businesses with annual turnover less than $10 million, improving their cash flow and helping them to reinvest in their business and replace or upgrade their assets.
- ‘Lock out’ laws for simplified depreciation rules will continue to be suspended until 30 June 2018.
- The turnover threshold to qualify for the 27.5% small business corporate tax rate will increase from $10 million to $25 million from 1 July 2017.
- Small businesses will have access to free, fast and binding dispute resolution with the banking system through the Australian Financial Complaints Authority, to be established by 1 July 2018.
- Extending Crowd-sourced Equity Funding (CSEF) to proprietary companies to improve access to finance for start ups and innovative small businesses.
Support for regional communities
- $472 million is being invested to support a Regional Growth Fund for local infrastructure projects that can make a difference to regional economies, including $200 million to support a second round of the Building Better Regions Fund.
- $220 million investment in the Regional Jobs and Investment Packages to help diversify regional economies, stimulate economic growth and deliver sustainable employment in ten pilot regions.
- Establishment of the Regional Investment Corporation in 2018 to deliver up to $2 billion in Commonwealth farm business concessional loans and the $2 billion National Water Infrastructure Loan Facility.
- Extended eligibility for the Farm Business Concessional Loans Schemeto assist farmers and their partners who have already received their full entitlement for the Farm Household Allowance (FHA) and are not receiving any other Commonwealth income support.
- $100 million to establish an Advanced Manufacturing Fund to assist business transition to high value advanced manufacturing in South Australia and Victoria.
- $26.1 million to enable Australia to enter a strategic partnership with the European Southern Observatory (ESO), maintaining Australia’s world-renowned optical astronomical research and instrumentation capabilities, including an ongoing average annual indexed commitment of $12 million to 2027-28.
- $28.7 million to accelerate the responsible development of gas for Australian users. The program will support positive state-based programs, increase community benefits from gas development and provide better information to landholders.
- Ongoing funding for a new Skilling Australians Fund, with an estimated $1.5 billion over the first four years to train Australians.
Find out more
- For more on these initiatives and the full 2017-18 Budget, visit the Budget 2017-18 website.