Fri, 28th Feb 2025

In this week's edition of the Financial Services Online Weekly Finance News Wrap, host Paige Estritori discusses a significant proposal by the Coalition Government that could change the tax landscape for small businesses in Australia. Currently, businesses are unable to claim meal expenses as tax deductions unless they pay high fringe benefits tax—47 percent. The Coalition's proposed tax reform aims to allow businesses to deduct meal expenses up to $20,000 annually, without the need to incur this hefty tax. This could reduce compliance issues and improve workplace environments, especially for businesses making up to $10 million in turnover. While the proposal is still under debate, it could potentially come into effect following the next federal election, so businesses are encouraged to keep their records up-to-date.n