SMALL businesses throughout Central Queensland are set to benefit from the Federal Government’s Budget boost, Member for Flynn Ken O’Dowd says.
“Central Queensland is a very enterprising region,” Mr O’Dowd said.
The recent Federal Budget included an extension to the $20,000 instant asset write-off for small business, which is now available for businesses with a turnover up to $10 million, as well as a $300 million incentive to work with State and Territory Governments to cut red tape.
“With more than 16,800 small and medium businesses across Flynn, there’s no doubting the importance of small, medium and family businesses to the region,” Mr O’Dowd said.
Mr O’Dowd ran his own small businesses in petroleum and hardware before entering Parliament. He joined Small Business Minister Michael McCormack in Gladstone today, showcasing the Government’s support of small business.
“The small business support in this Budget has been very well received, wherever I go across Flynn,” Mr O’Dowd said.
“Particularly the $20,000 instant asset write-off for small businesses – this has been a God-send for stacks of business owners and I am very pleased to see it return for another year.
“It really allows small businesses the freedom to help other small businesses.”
Mr McCormack said the Budget boost for small business came on the same day the Government enshrined the recent small business tax cut in law.
“9 May was certainly a great day for small business, as the lowest tax rate since the Second World War was delivered, meaning businesses with a turnover up to $50 million are now paying less tax,” Mr McCormack said.
“Ken O’Dowd and I both had many years running our own small businesses before we were elected to Parliament, so we know that it is small business – not Government – which creates jobs.
“Across Central Queensland, locals can keep small business growing by shopping locally and keeping more money and more jobs in the region.”
Mr McCormack said country communities benefit from the local multiplier effect of supporting country small businesses.
“Every extra dollar locals can spend in communities across Flynn helps create confidence and jobs in the community,” Mr McCormack said.
“Ken O’Dowd is a passionate supporter of local small businesses and with locals spending money in small business, we can all help create local jobs and opportunities.”
Mr McCormack’s Central Queensland tour will head to Yeppoon and Mackay over the next two days.