SOUTH WEST SMALL BUSINESS BOOSTED BY LOWER TAX
SOUTH West small businesses are the focus of a Federal Government plan for lower taxes, more jobs and opportunities across the region, Member for Forrest Nola Marino says. “The Turnbull Government has delivered the lowest small business tax rate in many decades,” Mrs Marino said. Joined by Federal Small Business Minister Michael McCormack in Busselton and Bunbury today, Mrs Marino said the local forums will give more small businesses the tools and information they need about the Federal Government’s small business support.
“The South West is a vital WA region and is home to an array of diverse businesses. That’s why I am pleased the Minister has come to meet directly with local small businesses and hear their plans for the future,” Mrs Marino said. “Our Small Business Q&A Panel provides small business owners a first-hand opportunity to ask the Minister questions and hear how the Federal Government backs small business. “We back small business so we can ensure Australia’s economic environment creates jobs for hardworking people in the South West.”
Mr McCormack said the Government’s small business tax cuts enable more small businesses to pursue their dreams and create local jobs. “Nola Marino and I both ran small businesses before we were in Parliament – that’s why we know it’s the small businesses across the South West – not Government – which creates local jobs and opportunities,” Mr McCormack said. “Every day I meet Australians in small business who are taking a risk, pursuing their dream and creating jobs. That’s why the Government backs small business with a tax cut and why we have redefined small business, so more Australians can take advantage of our support. “By redefining small business to an annual turnover of $10 million, more small businesses now pay lower tax and can use the $20,000 instant asset write-off programme to invest in growing their business.” Mr McCormack said the instant asset write-off gives small business the ability to upgrade equipment and modernise operations, so businesses continue to grow.
“Whether it’s a new photocopier, tradies’ tools, an iPad or coffee machine in a café – anything to help the business grow – more small businesses can instantly write the purchase off against their tax, up to $20,000, thanks to our tax cut plan,” Mr McCormack said. “The Federal Government backs the dreams of hardworking Australians in small business and we want to see them continue to invest, grow and create more jobs well into the future.” You can find out more by searching ‘small business’ or visiting www.business.gov.au/smallbusiness.