Treasurer Josh Frydenberg said the change would give small and family businesses peace of mind in debt-recovery situations, helping ensure the tax system worked for, not against, them.
While the change is expected to result in a small decrease in payments to the government, the budget papers say this figure can’t be quantified. Now the economic recovery is under way, some of the changes shielding struggling businesses have been removed. The government is increasing the minimum threshold at which creditors can issue demands to $4000, up from $2000, and will start an independent review of other provisions.Small businesses and workers have also been provided with tax relief in the budget. Small and medium businesses will benefit from about $16 billion in tax cuts by 2023-24. This includes $1.
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