TAX cuts for small business – down to the lowest rate in many decades – backs small businesses throughout the Adelaide Hills to expand and create more jobs, Assistant Agriculture Minister Anne Ruston says.
“Small business is the economic backbone of regional communities like those in the Adelaide Hills,” Senator Ruston said.
“Those who work in small business build strong and unique rural communities.
“Whether you’re the local butcher, hairdresser, or farmer, small businesses are the cornerstone for so many Australian towns and cities.”
Joining the nationwide small business roadshow in Hahndorf, Senator Ruston said tax cuts help regional small businesses grow.
“By introducing significant tax cuts for small business, and reducing red tape and regulation, the Federal Government is helping to create jobs and grow economies in rural and regional Australia.”
Small Business Minister Michael McCormack said the Government recently redefined ‘small business’, meaning more small businesses can now access the instant asset write-off, which was extended in the Budget.
“We know small business turnover doesn’t stop at $2 million – that’s why the Government redefined it to a $10 million turnover and cut the small business tax rate to 27.5 per cent for more small businesses,” Mr McCormack said.
“This also means more small businesses are now eligible for the $20,000 instant asset write-off programme, meaning they can purchase the capital equipment they need to grow, invest and – importantly – create more jobs.
“It is small business – not Government – which creates jobs, which is why the Government backs small businesses to keep the economy growing.”
Mr McCormack encouraged small businesses taking advantage of the instant asset write-off extension to shop local.
“No matter the equipment the local small businesses purchase, buying it locally means the money stays in local communities and helps create what small business owners have described to me as a ‘chain reaction’,” Mr McCormack said.
In addition to small business visits and engagements, a policy forum was held to which the Federal Member for Mayo, Rebekha Sharkie, was invited.