FAIRER competition laws for small business, tax cuts and an extension to the popular $20,000 instant asset write-off programme underscore the small business support from the Federal Government, Small Business Minister Michael McCormack says.
“From Sunbury to Bundoora, suburbs and communities throughout Melbourne are hives of small business activity, making a mighty contribution to Australia’s economy,” Mr McCormack said.
“With more than 3.2 million small businesses employing around 5.6 million Australians, it’s a vital sector to help our economy grow and – most importantly – create jobs for Australians.”
Mr McCormack’s visit to Sunbury and Bundoora this week comes after legislation to address the misuse of market power by big business passed Parliament last week.
“The ‘effects test’ is about fixing the competition law for small business and it delivers an important election commitment the Liberals and Nationals made to the small business sector last year,” Mr McCormack said.
“I am excited to be back in Melbourne’s suburbs to meet firsthand with small businesspeople who will be able to compete on a level playing field, thanks to the Government’s changes.”
Senator Jane Hume said cuts to the company tax rate for small business will assist small businesses to grow, invest and create more jobs.
“The small business tax rate, which is now down to 27.5 per cent, means more small businesses can reinvest in their businesses, pursue new ideas and grow their business by hiring another Australian,” Senator Hume said.
“We know it is small business which creates jobs, and the Government backs them to help grow our economy.”
Senator James Paterson encouraged local small businesses to take advantage of the $20,000 instant asset write-off programme, which was recently expanded so more small businesses can use it.
“The Government redefined ‘small business’ to an annual turnover of up to $10 million – up from $2 million,” Senator Paterson said.
“This means more small businesses can purchase the new equipment they need – from café equipment to iPads and tradies’ tools – and write them off immediately against their tax.”
Mr McCormack also held a policy forum with local small businesses and MPs David Feeney and Rob Mitchell.
More information on the support for small business can be found on the Small Business website.