SMALL businesses across the Great Southern region have been backed with a tax cut – the lowest tax rate in many decades – and increased access to the instant asset write-off programme, Member for O’Connor Rick Wilson says.
"The Government has recently passed tax cuts for small businesses – down to 27.5 per cent – and increased access to incentives such as the instant asset write-off to encourage owners to reinvest in their business," Mr Wilson said.
Mr Wilson joined Federal Small Business Minister Michael McCormack today in Albany, on a nationwide roadshow focused on local small business growth and job creation.
"The Great Southern region was a major contributor to O’Connor recording the highest rate of economic growth out of any Federal electorate in the 2014-15 financial year," Mr Wilson said.
"However we can never be complacent. We need to ensure growth continues and, as the engine room of our economy, small business is a vital part of that future.
"It’s great to have the Minister McCormack here in the Great Southern. This visit provides a great opportunity for the local business community to show how they can maximise the benefits of these policies for their enterprise."
Mr McCormack said backing small businesses through tax cuts encourages businesses to expand, pursue new ideas and create more jobs.
"Across Australia, millions of small businesses work each day to grow our economy, provide vital services and – most importantly – create local jobs," Mr McCormack said.
"Every small business is the realisation of someone’s dream. Rick Wilson and I understand job creation is spurred by small business. That’s why we back them with a tax cut."
Mr McCormack said the tax cut package also redefined small business to enable more businesses to take advantage of the instant asset write-off programme.
"We also know a turnover of $2 million does not mean a $2 million profit. That’s why the Government has redefined small business to an annual turnover of $10 million, meaning lower taxes for more small businesses and increased access to the$20,000 instant asset write-off programme," Mr McCormack said.
"So now is the time for small business to invest in their business, have a go and create more jobs."
Mr McCormack’s roadshow continues through regional WA tomorrow, before heading to Perth later this week.
You can find out more by searching 'small business' or visiting the small business webpage.