It may be later than usual, but the New South Wales state budget this week was a welcome boost for small business owners in the most populous state in the country.
Among some of the key points was a reduction in payroll tax for the next two years, which is expected to provide a business paying around $1.2 million in wages about $38,000 in savings over the next two years. Those businesses that do not pay payroll tax will receive $15,000 vouchers to cover government fees and charges.
NSW has also announced changes to stamp duty, which offers homebuyers the option of paying upfront or via an instalment plan. That’s great for homebuyers and people looking to grow their business, and there’s hope that the real estate industry, which has been hit hard by cancelled auctions and restrictions on inspections, will see a jump in activity as we head into 2021.
Victoria will have its budget out shortly, and you can be sure there will be plenty in it to try and stimulate the economy and give business a boost. Hopefully all other states follow that lead.
While some sort of normal is getting closer, it’s a great time to review your business and see what it might look like going forward.
For example, many businesses (including my own) would have been paying for a phone line and office data setup previously, whereas this year most people have been using their mobile phone more as they work from home. A lot of businesses may never return to the office, or at least not in the same numbers, so it could be an opportunity to review your costs and see if there are some savings to be had.
You have to be open-minded as you approach your needs moving forward and be honest with your IT team and suppliers about what the business will look like in 2021 under a COVID-normal working environment. This could be a three to five-year transition, so don’t feel like everything has to be done by January, or even that once you adapt once, that is the end of it.
The key is to constantly review your business, and the way it is operating, to see if there could be improvements made. And there’s really nothing different about that.
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