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”.
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.