Last Tuesday the Federal Government handed down the 2016-2017 budget.

With a strong focus on the future and providing help for small and medium enterprises, the government has committed to reducing the company tax rate over the next decade.

The small business threshold will be raised from $2 million to $10 million turnover and increasing the 32.5% personal income tax rate to $87,000 from $80,000 assisting businesses and households.

An additional $88.6 million has been allocated to support job seekers who wish to start their own business, as well as broadening access to self-employment training and mentoring for job seekers to include those not on income support, allowing more Australians to be their own boss.

For more details on what the budget means for your business click here to read the Budget in Depth.

To see how The National Retail Association is advocating for the retail industry click here.