Smart Company: Why a company that is turning over $10 million is still a small business


By COSBOA Media . On 11-May-2016


 

By Peter Strong and David Gregory

What does $10 million in turnover mean? Firstly it isn’t profit. We wish it were.

The federal budget has changed the definition of a small businesses from one that has “a turnover of less than $2 million” to one with “a turnover of less than $10 million”.

The number of businesses that turn over between $2 million and $10 million is 93, online 040, hospital according to figures from the Australian Tax Office.

Nearly all those 93,000 businesses will be employers and they are still small businesses.

What does it mean?

There was an immediate reaction to the announcement from some that $10 million is a lot of money and a business owner that has a turnover in this realm is rich and getting richer.

READ MORE IN THE FULL ARTICLE HERE

SmartCompany_logo

About the author

COSBOA Media

  • Super Pressure Finally Placed on Super Funds to Get their Admin Act Together

    29-Aug  COSBOA notes the announcement by Minister for Revenue Kelly O’Dwyer that reforms have bee
  • Change in bank contracts with small business people a boost to the economy and a feather in the ombudsman’s small business cap

    24-Aug COSBOA today congratulated the Australian Small Business and Family Enterpris
  • The Effect of the Effects Test will Effectively be a More Effective Market Place for Consumers

    17-Aug COSBOA is very pleased to see the passing of changes to Section 46 of the Com
  • Why give law breakers more power?

    03-Aug COSBOA is deeply concerned by the recent announcement by the ALP’s workplace relations shadow mini
  • Comments on the “let’s tax the trusts” proposal

    31-Jul Comments from members Who operates Family Trusts:
  • Can we ever have certainty? Sunday Penalty Rates – the facts

    28-Jun The announcement by the leader of the Opposition Bill Shorten that Labor, if re-elected, would rever
  • Energy crisis confronted with action not emotions – finally.

    21-Jun COSBOA today congratulated the Turnbull government for taking action to confront the energy crisis.
  • Energy crisis worse than GFC, needs action not debate

    20-Jun COSBOA today has called on all political parties to agree on an energy policy that will lead Austral
  • Fairness, jobs and facts – Sunday Penalty Rates

    06-Jun FWC shows compassion the unions don't have for workers. STOP PRESS
  • Prompt payment focus great news for business and for the personal health of small businesses and their people

    29-May COSBOA today congratulated the people and organisations involved in the recent push on getting small
  • Small business applauds the 2017 Federal Budget

    09-May COSBOA welcomes the continued commitment of the Australian Government to supporting small businesses
  • PARTICIPATE ON-LINE – Fair & Compliant Workplaces – Round Table, 3 April 2017

    28-Mar Small Businesses Leading the Way Register for the round table highlighted below
  • Senate Inquiry needed on SDA Enterprise Agreements

    09-Mar COSBOA today called for a Senate Inquiry into impact of SDA Enterprise Agreements on competi
  • Small Businesses Threatened by Union’s Penalty Rates Campaign

    03-Mar COSBOA today expressed concern for small business people and their employees as a result of the beha
  • ALP must support an effects test to have any competition credibility – and stop the fake facts.

    17-Feb COSBOA is pleased to note the recent announcement by Katy Gallagher, the shadow minister for small b
  • How fast is the internet? As fast as promised? Now we’ll know.

    14-Feb COSBOA welcomes the proposal for an internet speed monitoring program managed by the ACCC. Peter St
  • Workplace relations must be a place without threats or uncertainty – ABCC

    08-Feb COSBOA welcomes the proposed changes to the ABCC and congratulates Senator Hinch on his decision to
  • SMART COMPANY: Why the Fair Work Commission urgently needs a small business commissioner

    30-Jan 
  • COSBOA Welcomes Small Business Minister’s Push to Extend Instant Asset Write-off

    12-Jan The Council for Small Business Australia (COSBOA) welcomes the push by the Federal Small Business Mi
  • COSBOA CEO to work with Tony Shepherd and Menzies Research Centre on Australia’s future.

    19-Dec COSBOA CEO Peter Strong is part of the team of key review panel with Tony Shepherd  and the Menzies
  • A Female Employers Views and Experience With Domestic Violence

    11-Dec Discrimination Against Millions of Female Employers and Busi
  • Woolworths parasitic behaviour reinforces the need for further changes to Australian Competition Law

    09-Dec COSBOA today called on the government to completely revamp competition laws and give the ACC
  • Campaign Launched to get Businesses to Pay Bills On Time

    28-Nov A campaign calling for all Australian businesses to pay their bills on time has been launche
  • Domestic violence – society has an obligation

    15-Nov  Domestic violence leave should be funded by government or the current leave provisions
  • The banking system in Australia is not broken – also not perfect

    19-Oct The banking system in Australia is not broken but also not perfect “We have a gr
  • COSBOA Welcomes Fair Work Commission Discussion on Alternatives to Weekend Penalty Rates

    29-Sep MEDIA RELEASE
  • Better expenditure of tax payers $$$ – makes sense

    12-Sep It’s not all about cutting expenditure,
  • Letter to the Editor – Australian Financial Review

    18-Aug A recent editorial in the AFR referred to a dominant “anti-big business narrative” in Australia.
  • Thoughts on Oligopolies

    09-Aug In an article published on Inside Small Business -
  • New Small Business Minister Welcomed

    18-Jul Today, mind
  • Small Business Council Concerned by Labor Votes in Election

    04-Jul Today, sick
  • SMALL BUSINESS CALLS FOR ACTION AGAINST SDA

    03-Jun SMALL BUSINESS CALLS FOR ACTION AGAINST SDA AND AGAINST COLES The CEO of Council of Small Busines
  • The Power of the Small Business Voter

    23-May "Who wins the marginal seats will determine the upcoming election,
  • Smart Company: Why a company that is turning over $10 million is still a small business

    11-May   By Peter Strong and David Gregory What does $10 million in turnover mean? Firstly
  • Small Business Budget II – more than a sequel

    04-May The 2016 budget continues the good news for small business that came from the 2015-16 budget and fro
  • Will VET be on the Budget Agenda?

    03-May In the lead up to the 2016 Budget,
  • Canberra Times Article: Secret ACT government/union deal will hinder innovation

    29-Apr It has come to light that the ACT government has a memorandum of understanding with Unions ACT that
  • Road Safety Remuneration Tribunal – a Fiasco

    08-Apr There is a new high in the ridiculousness of the Fair Work Commission (FWC) and some of its tribunal
  • Quote from The Latham Diaries on the influence of the SDA union on ALP competition policy

    31-Mar The Labor Party continues to oppose the changes to competition regulations that would enhance compet
  • The Effects Test – In the Media

    21-Mar There has been a deluge of media in relation to the Effects Test decision last week,
  • Superannuation Needs to be Better Defined

    09-Mar COSBOA welcomes the discussion paper on "The Objectives of Superannuation” released today
  • COSBOA Joins 20 Business Associations to Lobby Government on Competition Policy

    04-Mar COSBOA joined 20 business associations to meet with Treasurer,
  • COSBOA Talks to Sky News About Small Business Taking on the Big Supermarkets

    19-Feb The Council of Small Business Australia CEO Peter Strong spoke to Kate Williams from Sky News Busine
  • An advocate on the inside – nice very nice!

    01-Feb COSBOA welcomes the appointment by Minister Kelly O’Dwyer of Kate Carnell as Australia’s first S
  • We Need to Get Rid of the Small Business Bullies

    11-Dec COSBOA today congratulated the Chairman of the ACCC Rod Sims on again showing the mettle to confront
  • WHAT SHOPPERS WANT – AND REALLY DON’T WANT – FROM RETAILERS THIS CHRISTMAS

    06-Dec Byline from Rachel Stocks – Managing Director American Express Australia & New Zealand
  • Senate should guarantee transparency in superannuation

    30-Nov COSBOA today (30 Nov 2015) called on the Senate to pass the legislation for improving govern
  • Transcript from ABC’s PM Program Nov 24

    26-Nov Good to see the Turnbull government NOT be influenced by bullying and harassment from a few domi
  • Biggest Businesses Continue to Inhibit Productivity & Innovation

    24-Nov COSBOA acknowledges the decision by the government to delay the implementation of changes to section
  • Small business people the eyes and ears of the community

    19-Nov 
  • Shop Small is also about our artists and our culture

    12-Nov Today the Small Business Minister Kelly O'Dwyer unveiled a painting by Jenny McCracken entitled 'The
  • Transparency needed – not old fashioned behind closed doors games

    19-Oct  COSBOA today called on the members of the Business Council of Australia (BCA) to
  • Fairness, transparency, productivity and retail diversity achieved all in one decision

    13-Oct Extending unfair contract term protections to small businesses – legislation COS
  • When dominant big business make secret comments to governments – there is a problem

    25-Sep COSBOA has expressed deep concern at the existence of a confidential briefing letter provided to the
  • Pleased about Kelly, shocked about Bruce

    20-Sep Pleased about Kelly,
  • We don’t tell people how to vote, but we do like to inform opinion

    15-Sep An advocate for any group of people has to have information that gives that group some sort of relev
  • Superannuation: increase fines to $1m – that’ll send the right message that only a fool employs anyone (or change the collection process?)

    02-Sep The CBUS industry superannuation fund recently attacked the Small Business Minister Bruce Billson wh
  • Effects Test is a battleground and it shouldn’t be

    07-Aug The Effects test has become the latest battleground for small business wanting fairness and competit
  • Competition is not a plaything for big business and unions

    06-Aug COSBOA is concerned by the recent statements from the Business Council of Australia and its support
  • Tax, Competition & Investment in Entrepreneurship Still Key to Small Business Growth

    17-Jul Australian business and political leaders all agree,
  • COSBOA’s Response to the Tax White Paper

    24-Jun COSBOA believes it is essential to undertake a comprehensive review of the Australian tax system. 
  • A Circuit Breaker for Small Business Workplaces

    23-Jun Original Release date: 20 February 2012 CONTACT:  Mr Peter Strong EMAIL:
  • Small Business Champion still championing away

    27-May Below is a short comment we received from our current small business champion, Kathryn Bordonaro who
  • Tax – it’s all about getting ready for the future

     The Treasurer Joe Hockey recently
  • Australian Human Rights Commission reaches out to business

     Last week I attended an
  • Submission to Productivity Commission on Workplace Relations

     Inquiry into the Workplace Relations Framework A response from the Council of Small Bus
  • After 40 years a change in contract fairness

     COSBOA congratulates Bruce Billson and the Abbot government on today’s announcement to extend lega
  • Time for some proactive thinking about tax, employment, training and small business

     COSBOA today released a paper that shows how innovative ideas can be used in tandem with traditional
  • We are flying with Flying Solo and their 74,000 micro businesses

     COSBOA is pleased to announce that
  • Tax White Paper – start-up discussion on a needed process

     Reform of the tax system? It is essential to undertake this activity as it is well overdue.  The go
  • Linchpins for small business people? There is a growing number.

     Recent positive and constructive announcements from the federal Small Business Minister Bruce Billso
  • Where are we heading with competition policy?

     When the report on Competition in Australia (the so called Harper Review) was released we found it 
  • Accountants and bookkeepers will they only exist in science fiction?

     Will accountants,
  • An Investment Allowance for small business will give the economy a good positive Kick

     The Council of Small Business of Australia and the
  • Vodafone and COSBOA looking at increasing speed and lowering cost of communications

     The Council of Small Business Australia (COSBOA) has announced Vodafone as its major sponsor for the
  • Our pre-Budget Newsletter

     Please see our thoughts on the budget and other news
  • Netflix tax well and good, but it’s time to add GST to overseas purchases

      Why is Australia determined to protect offshore businesses at the expens
  • Why Labor’s small business finance policy works for COSBOA

     Here is a joint Blog from COSBOA's Chairman and CEO. Bill Shorten in his 2015 budget response propo
  • Labor focus on finance works for COSBOA

    14-May COSBOA is pleased to see the focus on small business people from Opposition Leader Bill Shorten in h
  • Budget extraordinaire shows respect for people in business

    12-May COSBOA is impressed with a ground-breaking 2015 Federal Budget.  The budget inclusions for small bu
  • Budget extraordinaire shows respect for people in business

     COSBOA is impressed with a ground-breaking 2015 Federal Budget.  The budget inclusions for small bu
  • Good start to the budget count down for small business

    06-May COSBOA today congratulated the government and in particular Minister Bruce Billson on the announceme
  • Good start to the budget count down for small business

     COSBOA today congratulated the government and in particular Minister Bruce Billson on the announceme
  • Vodafone & COSBOA announce Partnership

    30-Apr VODAFONE ANNOUNCED AS NAMING SPONSOR FOR NATIONAL SMALL BUSINESS SUMMIT The Council of Small
  • After 40 years a change in contract fairness

    20-Mar COSBOA congratulates Bruce Billson and the Abbot government on today’s announcement to extend lega
  • Industry superannuation funds continue with hypocrisy and inefficiency

    03-Mar 03 March 2015 Industry superannuation funds ignore their own failings to pursue others
  • Unions or Big Business – either way small business and people lose out

    18-Feb Victorian Small Business Minister sells out small business to the unions  COSBOA h
  • FBT on child care and health services makes no sense

    15-Feb The Council of Small Business Australia (COSBOA) is today calling on the government to create an eve
  • We need stable leadership and a focus on the economy

    05-Feb The Council of Small Business Australia (COSBOA) is calling for all Members of Parliament to focus 
  • Small Business People and the Nation’s Security

    16-Jan Recently our CEO had an opinion piece in The New Daily on the role of small business people in natio
  • Maybe we can start to act like normal businesses and innovate?

    16-Oct COSBOA backs ACCC in latest proceedings against Coles The Council of Small Business Australia (COSB
  • Coles and Woolworths must voluntarily divest to let Australian innovation flourish

    23-Sep The Council of Small Business Australia (COSBOA) has called on major retailers Coles and Woolworths
  • Don’t kill community by giving away health to the Duopoly

     COSBOA pleased with draft recommendations from Harper review The Council of Small Business A
  • Back dating negative changes to the tax system will only affect small business, big business is ok.

    09-Sep The Council of Small Business Australia (COSBOA) has expressed extreme disappointment with the gover
  • COSBOA commends B20 talks ahead of the NSBS

    23-Jul B20: small business THE key to a healthy world economy The Council of Small Business Austral
  • ATO and ACTU to lead discussions at National Small Business Summit

     The Council of Small Business Australia’s (COSBOA) announced today that Gerardine Kearney,
  • Carbon Tax – COSBOA thankful that a decision has been reached

    21-Jul The Council of Small Business Australia (COSBOA) has expressed relief,
  • Now for a better, fairer, more rewarding franchise marketplace

     The Council of Small Business Australia (COSBOA) has congratulated the Abbott government and in part
  • COSBOA Gives Thumbs Up to ACCC’s Legal Action Against Coles

    06-May MEDIA RELEASE For Immediate Release COSBOA Gives Thumbs up to ACCC’s Legal Acti
  • Discussion paper for The Small Business and Family Enterprise Ombudsman

    30-Apr Exciting times as we get to comment on the powers for the future federal Small Business and Family E
  • Everybody is conflicted in superannuation except

    09-Apr Everybody is conflicted in superannuation except for the employers who collect the funds and the
  • COSBOA Welcomes ACCC Crackdown on Duopoly’s Dishonest Dockets

    26-Feb Media Release 26 February 2014 COSBOA welcomes ACCC crackdown on Duopoly’s dishon
  • COSBOA Calls for Local Development Powered by Small Business

    13-Feb MEDIA RELEASE Wednesday,
  • A simpler life for small business people in 2014.

    02-Feb MEDIA RELEASE Thursday,
  • COSBOA Supports War on Red Tape and Inefficient Compliance

    30-Jan MEDIA RELEASE Thursday 30 January 2014 Contact: Mr Peter Strong Email: ce
  • Small Business urges Government to keep tax breaks to re-build tax receipts

    18-Dec MEDIA RELEASE Wednesday,
  • COSBOA voices concerns over announcement of Prime Minister’s business advisory council

    10-Dec MEDIA RELEASE Thursday, 5 December 2013   COSBOA voices concerns over
  • COSBOA forms specialist Task Forces to support Small Business Minister and bolster lobbying activities

    02-Dec The Council of Small Business of Australia (COSBOA) has announced the
  • Small Business People are the Best Employers – so where’s the respect?

    21-Nov MEDIA RELEASE For Immediate Release CONTACT:  Mr Peter Strong EMAIL:
  • A way forward with small business financing – based on facts and cooperation

    29-Oct COSBOA, jointly with the Australian Bankers Association (ABA), today released a milestone report on
  • A way forward with small business financing – based on facts and cooperation

     For Immediate Release Contact: Mr Peter Strong 0433-644-097   
  • Media Release: Duopoly Summit

     For Immediate Release CONTACT: Mr Peter Strong through Zadro Communications on 02 9212 78
  • Landmark Report Paves the Way for Real Changes for Small Business Regulation

    10-Oct For Immediate Release CONTACT:  Mr Peter Strong EMAIL:
  • Landmark Report Paves the Way for Real Changes for Small Business Regulation

     For Immediate Release CONTACT:  Mr Peter Strong EMAIL:
  • Contract reform Task Force created to give assistance where needed

    22-Sep The Council of Small Business of Australia (COSBOA) today (17 September 2013) congratulated the Hon
  • Mr Abbott gets mandate to focus on small business people – certainty will bring confidence

    07-Sep COSBOA congratulates the Prime Minister elect,
  • Small Business Policies compared – and, for a change, there are plenty to compare

    01-Sep One week to go in an election that has Small business people front and centre COSBOA is plea
  • Small Business Policies compared – and, for a change, there are plenty to compare

     One week to go in an election that has Small business people front and centre COSBOA is plea
  • Let’s manage the Economy through partnership with over 2 million business people

    20-Aug The Members of the Council of Small Business Organisations of Australia (COSBOA) know that the next
  • Let’s manage the Economy through partnership with over 2 million business people

     The Members of the Council of Small Business Organisations of Australia (COSBOA) know that the next