Women's Network Australia Blog

Post Budget Shopping

Well the Federal Budget has now been handed down and the most significant aspect for women in business is the 50% Tax Allowance for the purchase of business assets. So if you need any additional goods/equipment or want to replace existing assets, now is the time to bite the bullet and make your purchase.

For example, if you purchased a car for $30,000 you will receive a tax deduction of $15,000 plus the normal depreciation. But give your accountant a call to check out what they suggest before making any major purchases as you will still need to maintain the cashflow requirements of your business. But it is a great time to shop for computers, printers – basically any equipment with a price tag of over $1,000.

When it comes to balancing work and family, the budget brings some changes that could affect you. If you’re in receipt of Family Tax Benefit A or B, you will now have to include losses on property investments and, if self-employed, any contributions you make to your superannuation into your yearly income estimate report. For many women in business this will take their income above the allowable thresholds and therefore affect the percentage of Child Care Rebate they receive for the care of their child/children whilst they work.

I am sharing this information in the hope that, if alerted, you will take the opportunity to take control of your personal and business finances and make it your business to get onto your accountant, bookkeeper etc and ask them to help you understand how your financial situation is going to pan out for the 2008/2009 financial year. Then, when you are armed with this information, you will have the remaining 6 weeks of this financial year to make any adjustments necessary to minimise the damage to your income.

Lynette Palmen, Founder and Managing Director of Women’s Network Australia speaks to, for and about women in business. www.womensnetwork.com.au

Related posts:

1. Babes are likely to be out of the budget

Contributed by Lynette Palmen.   Lynette Palmen AM is the Founder and Managing Director or Women's Network Australia. She started WNA 20 years ago to offer support, inspiration and services that would inspire women to succeed in their career and business endeavours. WNA is now the Nation's premier networking organisation for business and professional women. T: 1800 052 476.

Lynette Palmen has written 43 article(s) for us.

Visit http://womensnetwork.com.au