Small businesses to benefit from Budget announcements
The instant asset write-off program has been extended for 12 months, enabling small businesses with an annual turnover of up to $10 million to immediately deduct eligible assets each costing less than $20,000.
In addition, the Budget also includes a $300 million incentive to the states and territories to cut red tape through the National Partnership on Regulatory Reform to reduce regulatory burdens and remove unnecessary restrictions on competition.
“In the past few months I have met hundreds of small businesspeople on my nationwide small business roadshow. I have heard firsthand how helpful the instant asset write-off is for many small businesses to invest in the capital equipment they need to grow and — importantly — create new jobs,” said Small Business Minister Michael McCormack.
“I have heard how it helps small businesses invest in their business and replace or upgrade their assets.
“Partnered with our recently delivered tax cut for small business and extending the definition of ‘small business’ to benefit more enterprises, this investment continues the government’s support for small businesses to pursue new ideas, invest in themselves and create new jobs.”
In addition, the government has committed to cutting the corporate tax rate for all businesses to 25% as part of the Ten Year Enterprise Tax Plan. This is further to the recently legislated tax cuts for small and medium businesses.
The government has also announced it will abolish the Temporary Work Visa for foreign workers and create a new temporary visa restricted to critical skills shortages. Employers who nominate workers for the new visas (and certain permanent skilled visas) will be required to pay a levy that will go into the newly created Skilling Australians Fund.
For more information, visit the government’s Small Business website.
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