AN extension to the popular $20,000 instant asset write-off programme gives Dawson small businesses the opportunity to grow and keep money flowing around the local economy, Federal Member for Dawson George Christensen says.
“The $20,000 instant asset write-off is now available to more small businesses and has been extended for another year,” Mr Christensen said.
“Now more local small businesses can purchase the new equipment they need – from farm equipment to computers and coffee machines – and write it off immediately.
“By using local small businesses to purchase this equipment, we can keep more of that money in our community, which helps create opportunities and jobs for locals.”
Mr Christensen was joined by Federal Small Business Minister Michael McCormack in Mackay today, hosting a forum with local small businesses.
“It's ideal timing for a visit to Mackay by the Small Business Minister Michael McCormack with the level of renewed optimism in the region,” Mr Christensen said.
“We are giving Mackay business owners access not only to the Minister but also to experts – an invaluable opportunity to ask questions and get information on a whole range of issues.”
Mr McCormack said the recent extension to the instant asset write-off came on the same day the Government enshrined a lower small business tax rate in law.
“9 May was a fantastic day for small business – with another Budget which puts small business in the driver’s seat,” Mr McCormack said.
“Importantly, 9 May was also the day we delivered our tax cut for small business, meaning small and medium businesses are now paying 27.5 per cent tax – the lowest rate since the Second World War.
“We also expanded the definition of a small business to a turnover of $10 million – up from $2 million – meaning thousands more small businesses can now access the instant asset write-off, as well as paying less tax.”
Mr McCormack said lower tax rates, extension to the instant asset write off and cuts to red tape help small businesses grow and create more jobs.
“Regional communities such as those across Dawson are driven by small business, which is why the Government backs them to grow, invest and create more jobs,” Mr McCormack said.
“We all have a part to play in backing small business – by shopping and buying locally – to help country small businesses continue to serve country communities.
“This way we can all help create jobs and opportunities for locals across country communities.”
For more information on support for small businesses, please visit the Small Business website.