Jacob Fenech

Jacob, was this thing called the JobMaker plan.

Can you just explain, I guess in general terms, what it is?

You don't have to go into specifics necessarily, but just bring it to the consciousness of people that might have a small business.

Is there any potential payment that you might be able to call out as in like an example of what you might have to forego?

Okay, and so if I'm a small business, which I have one, I do this during my tax return or I do it now before June 30 or can I do this anytime?

So a couple of other business ones we've got here, which are probably a bit easier to explain because people will be familiar with them, is the instant asset write-off.

Am I correct to say that that was extended?

Is that correct?

And probably speak to them before you purchase it is the key point I'd say too.

And I think that probably applies to tradies.

I'm thinking of hairdressers that might be fitting out their salon and they want particular, those seats that you see in places or any type of

asset that you might be thinking of buying, speak to your tax agent because this could have a material impact because it brings, my understanding, Jacob, is it brings forward the full deduction rather than you having to take a part of that cost every year and break it down over the years.

So the next one is the small business turnover threshold.

I'm not 100% sure what this is.

We say $50 million, and that sounds like an enormous number, and it is, but even 10 mil sounds like an enormous number.

But we're talking about turnover here, which is different to what companies make in profits.

So that's a totally different thing.

So keep that in mind before you go thinking this is just a –

the benefit for millionaires.

It's not necessarily the case.