SMALL Business Minister Michael McCormack says small businesses have good reason to celebrate Queensland Small Business Week following last week’s Federal Budget boost for small business.

“Queensland small business owners and operators have reason to smile following the Coalition Government’s continued commitment in the Federal Budget to back them and their staff,” Mr McCormack said.

“The 2017 Federal Budget continues the Government’s plan to back hard-working small businesses to create more local jobs and pursue new investment. 

“We’ve extended the instant asset write-off for another year until 30 June 2018. This will enable more Queensland small businesses to invest in their growth, increase productivity and improve cash flow.

“Last week in the Federal Parliament we also delivered a tax cut for small businesses, taking the tax rate to 27.5 per cent, the lowest it has been for many decades.”

The 2017 Federal Budget also includes a $300 million incentive for States and Territory Governments to remove unnecessary regulatory barriers.

“Having run my own small business before entering Parliament, I understand that Small business owners are time poor,” Mr McCormack said.

“The day doesn’t stop with the close of business – once you’ve gone home there is often paperwork to be done.

“We want to cut red tape to create more time for small businesses to grow their business and improve productivity.

“The Federal Government has already made $5.8 billion of cuts to red tape and now we’re calling on the States and Territories to do their bit.

“I encourage the Queensland Government to closely review State regulation with a move to cut unnecessary red tape to ease the burden on small business.” 

This year Mr McCormack has visited many small businesses in Queensland including in Brisbane, Dalby, Gympie, Roma, Noosa and Deception Bay.

“I’ve visited many small businesses as part of my Small Business Roadshow who have welcomed the tax cut we’ve delivered and how the instant asset write-off is helping businesses replace or upgrade machinery or equipment. 

“It’s fantastic to be back in Queensland to celebrate Small Business Week and talk about the Coalition Government’s plan to support small businesses grow, invest and create jobs. 

“Just as importantly – I look forward to listening to small businesspeople about their stories and ideas.

“Small Business makes an enormous contribution to the economy and that’s why we’re backing small business to invest, grow and create more jobs well into the future.”

Mr McCormack will be spending time this week hearing from small business owners in Bundaberg, Bokarina, Beenleigh, Toowoomba and the Gold Coast during Queensland Small Business Week. 

You can find out more by searching ‘small business’ or visiting the small business webpage.

Dom Hopkinson