AN EXTENSION to the popular instant asset write-off programme and tax cuts for small businesses underscore the Federal Government’s practical support for small business, Member for Calare Andrew Gee says.
“Small business is at the heart of our country communities and it’s vitally important that governments support our small business people,” Mr Gee said.
Welcoming Federal Small Business Minister Michael McCormack back to Bathurst, Mr Gee said the Central West small business sector has benefited from the 2017-18 Budget support.
“It’s been wonderful to welcome Michael McCormack back to Calare and to show him a local success story in the technology sector – AppiWork,” Mr Gee said.
“Across the Central West, lower taxes and an extension to the $20,000 instant asset write-off helps our small businesses grow and strengthen our local economy.”
Mr McCormack said the Government redefined ‘small business’, so more benefit from the support.
“Andrew Gee and I know small business is a big deal in country communities. Small business is our big job-creator and we want it to have a big future,” Mr McCormack said.
“That’s why the Government has recently redefined ‘small business’ to an annual turnover of $10 million – up from $2 million. This means thousands more small businesses will pay 27.5 per cent in tax, the lowest it’s been since World War II.”
Mr McCormack urged small businesses to purchase assets locally using the instant asset write-off.
“No matter your need, you can buy it in Bathurst and across the Central West,” Mr McCormack said.
“Every dollar spent in a country small business backs that country community with more jobs and more services. Using the instant asset write-off to buy the equipment you need locally helps more money stay in the local community and create local jobs.”
For further information on small business support, visit the Small Business website.