By Melanie Kembrey
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- Budget five-minute guide
- Matt Wade: How the budget hits your hip pocket
- 'Infrastructure PM' doesn't deliver
- 'Childcare system is broken'
SMALL BUSINESS OWNER
Michael Mekhitarian, 57, of Glen Alpine, NSW, father of one
Owner and director of accounting, taxation and financial advice firm ATB Partners in Parramatta
Michael Mekhitarian the founding partner and director of ATB accountants runs and advises small businesses. Credit: Edwina Pickles
WHAT HE HOPED FOR
As the owner of a small business that focuses on helping other small businesses, Mr Mekhitarian hopes to see a comprehensive small business package as the budget centrepiece. He supported some of the early details revealed of the budget, such as allowing businesses to deduct professional costs immediately and creating a single online registration site for businesses. However, he wants to see a greater than 1.5 per cent tax cut for small businesses and thinks multinationals such as Apple, Google and Microsoft should be taxed more. Two of the biggest problems faced by small business owners, he says, are planning for retirement and obtaining finance to grow and employ people. "There may need to be radical policy change made by the government, but it needs to be well thought out and well communicated and the reasons clearly explained. That's what business wants."
OUR EXPERTS SAY
Congatulations Michael, you a winner from the budget. If business turnover is less than $2 million a year Michael's tax bill will fall by up to $1000 a year because his business is unincorporated. He is also eligible for an immediate tax deduction on every asset he buys costing less than $20,000. The budget contains new measures to crack down on tax avoidance by multinational companies and extend the GST to digital downloads, the so-called "Netflix tax".