Today, I unexpectedly found myself featured in The Daily Telegraph.
The article centred around the instant asset write off initiative currently available to Australian businesses with a turnover under $10 million, and whether it should become a permanent feature within future federal budgets.
I was approached by Ben Pike at Business NSW to contribute my perspective as a small business owner, and it was a conversation I was genuinely happy to have because initiatives like this do make a difference.
Sometimes from the outside, people assume tax incentives are simply about businesses “saving money”. For many small businesses, they are about confidence to invest and improve systems. Confidence to evolve rather than simply survive.
At Philosophy Australia, we have utilised the initiative over the last few years with guidance from our accountants at Hudson Financial. We have replaced outdated computers, invested in lighting and video equipment, and more recently purchased elements for our new studio and styling session fit out.
None of these things feel particularly glamorous when you list them out individually. They are not extravagant purchases. They are practical investments into how a modern business operates, communicates and grows.
And that is the part I think often gets missed in broader economic conversations.
Small businesses are rarely sitting still. We are constantly recalibrating. Updating. Adapting. Problem solving. Looking for ways to improve efficiency, customer experience and long-term sustainability while still managing rising costs across almost every area of operation.
What also matters to me personally is where the money goes.
Every time I invest into our business, we are also supporting other businesses. The technology provider. The local tradesperson. The fit-out company. The creative industries attached to producing content and campaigns, with our new photography equipment.
Small business has a ripple effect.
I mentioned in the article that when I utilise one of these incentives, I intentionally try to spend that money back with fellow small businesses wherever possible. To me, that creates a more meaningful circular economy where businesses genuinely support one another.
That is one of the reasons I would love to see greater certainty around initiatives like this moving forward.
Currently, the instant asset write off tends to be extended budget by budget, often at the last minute. While any support is appreciated, the uncertainty can make long term planning difficult. Most small business owners are not making decisions week to week. We are trying to map out investments, staffing, equipment and growth well in advance.
The more clarity and notice we have, the more strategically we can operate.
Running a small business in Australia has never been for the faint hearted. There are easier ways to make a living. But despite the challenges, there is also something incredibly rewarding about building something slowly, thoughtfully and independently.
I often say there is nothing “small” about running a small business. The responsibility is enormous. The risk is real. The emotional investment is constant. But so too is the pride.
And if there are government initiatives that can help Australian businesses continue investing, employing, improving and contributing back into the economy, then I believe they are conversations worth having.
So, thank you to Business NSW for inviting me to contribute to the discussion, and to Jessica Wang and The Daily Telegraph for including my perspective.
Because behind every “small” business is a whole lot of people simply trying to keep building something worthwhile.
