17 July 2017
Media Release - #2017097, 2017

$20k write-off a real help for Ryan’s small businesses

Joint media release with
The Hon Jane Prentice MP
Assistant Minister for Social Services and Disability Services
Federal Member for Ryan

A YEAR-LONG extension to the popular $20,000 instant asset write-off programme helps the more than 13,000 small businesses across the Ryan electorate, local MP Jane Prentice says.

"As small businesses start to meet with their tax agents and plan for the year ahead, now is the time to take advantage of the instant tax write-off to help purchase the new equipment they need," Mrs Prentice said.

Joining Federal Small Business Minister Michael McCormack on a nationwide small business roadshow through Brisbane today, Mrs Prentice said the write-off is already helping local businesses.

"Kenmore Plaza Seafood is a great example of the optimism in the local small business community. I was pleased to have Michael McCormack join me on a 'small business bonanza' through our shopping villages to hear some of that feedback firsthand."

Mr McCormack said the instant asset write-off extension comes following cuts to the small business tax rate.

"9 May – Budget Day – delivered on the feedback I heard from small businesses around the country. It was also the day I guided through Parliament laws which cut the company tax rate to 27.5 per cent – the lowest rate it’s been since 1940," Mr McCormack said.

"It was wonderful to join Jane Prentice and hear directly how the Federal Government’s support for small business is helping locals expand their ideas and create more jobs.

"I encourage locals to keep supporting small business by buying locally. Together, we can keep small businesses doing what they do best, with more money flowing around our local economy.

"This will keep improving local services and creating even more jobs for Australians."

Mr McCormack will also visit small businesses on the Gold Coast today, before heading to northern New South Wales tomorrow.