CUTTING CANNING SMALL BUSINESS TAX
CUTTING small business taxes – to the lowest level in many decades – backs Canning small businesses to grow, invest and create new jobs, Member for Canning Andrew Hastie says. “Small businesses are the lifeblood of regional communities. The Federal Government’s tax plan is about is backing small business so they can invest, grow and create local jobs,” Mr Hastie said. Joined by Federal Small Business Minister Michael McCormack on a national small business roadshow through Canning, Mr Hastie said the Federal Government’s tax cuts will benefit many local small businesses. “The Government’s tax cuts are a boost to small business in our region. Dave Galloway and the team at Galloway Engine Reconditioning in Pinjarra and Dave McKee at King Road Brewing co are exactly the sort of small businesses this Government wants to support. “One is well established, the other is brand new, but both are locally owned, family run businesses in the heart of Canning offering high quality product and services. It's vital that Government gets the policy settings right for businesses like these.
Mr McCormack said the Government recently redefined small business, meaning more Canning businesses now qualify for lower taxes and the instant asset write-off programme. “Andrew Hastie and I understand that just because a small business is turning over more than $2 million, this doesn’t mean the business is making that much in profit,” Mr McCormack said. “The Government has redefined small business to an annual turnover of $10 million, meaning thousands more small businesses are now paying lower taxes and have more money to invest in their operation, pursue new ideas and grow, especially through access to the instant asset write-off. “Thanks to our changes, more small businesses can now purchase the new equipment they need to grow their business and write it off instantly against their tax. From photocopiers, to tradies’ tools, office equipment, coffee machines for a café or anything less than $20,000 a business needs, the instant asset write-off is there to help.” Mr McCormack and Mr Hastie also encouraged local people to use local small businesses. “The Government’s tax plan helps small businesses succeed. However, we can all do our part for the Peel region. Shopping local means we contribute to the region’s economy and help create local jobs,” Mr Hastie said.
Mr McCormack said supporting local businesses keeps money in the local economy. “Andrew Hastie often tells me about the diversity of local small businesses in Canning. Every local small business is the realisation of someone’s dream and by supporting local small businesses, more money is kept in local communities and – importantly – helps create more jobs,” Mr McCormack said. “This creates a great local multiplier effect and helps local small businesses to pursue their dreams.” You can find out more by searching ‘small business’ or visiting www.business.gov.au/smallbusiness.