NOW’s the time for Hinkler’s small businesses to have a go, expand and create more jobs, Federal Member for Hinkler Keith Pitt says.
“Small businesses are the lifeblood of regional economies. That’s why they are central to the Coalition Government’s plan to boost the economy and create more jobs,” Mr Pitt said.
Mr Pitt said many of the Hinkler electorate’s small businesses are taking a risk and investing in their region, helping to contribute $380 billion to the economy.
“Businesses like Takalvans, which owners Dale and Natalie Rethamel have just invested $2 million in a new sales and service centre,” Mr Pitt said.
“Dale is a passionate supporter of the Bundaberg region and supporting other local businesses.
“He used local contractors for the new premises and his own family shops local wherever possible and he encourages his staff to do the same.”
Fresh from the 2017 Budget, which delivered even more benefits for small business, Federal Small Business Minister Michael McCormack said the region’s small businesses are now paying less tax.
“Keith Pitt and I both have a background in small business and understand how important supporting small business is in regional communities,” Mr McCormack said.
“That’s why we have cut the small business tax rate to 27.5 per cent – the lowest level in many decades. We also redefined small business to a $10 million turnover so more small businesses pay that lower tax rate.”
Mr McCormack said the 2017 Federal Budget extended the instant asset write-off for a year and provides a $300 million incentive to the States and Territories to cut red tape.
“Around Australia I heard firsthand from hundreds of small businesspeople how helpful the $20,000 instant asset write-off is for small business. I took that feedback to the Budget process and delivered a 12 month extension to this vital support for small business,” Mr McCormack said.
“Small businesses – which now include those with a turnover up to $10 million – can continue to purchase the new equipment they need to grow and write it off immediately against their tax.
“I also heard how frustrating unnecessary red tape is for small businesses across the country – which is why there is now $300 million to help State and Territory Governments complement our cuts to red tape.”
While the Coalition’s economic plan has small business central in creating jobs, Mr McCormack said Labor will reverse the recently-delivered tax cuts.
“When we delivered the small business tax cut, Labor voted against it,” Mr McCormack said.
“Labor has since made it clear it will raise small business taxes if elected and cut access to the instant asset write-off.
“They will also cut the $300 million to encourage simpler paperwork, burdening small businesses with more bureaucracy.
“While the Coalition backs small businesses around the Hinkler electorate, the Labor Party has forgotten it completely.”
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