Small Businesses in Mitchell Big Winner in Federal Budget

Federal Member for Mitchell, Alex Hawke MP, said the 2015 Budget is the next step in the Government’s plan to build a strong, safe and prosperous future for all Australians.

“The Budget is about building jobs, growth and opportunity and providing a credible path to surplus,” Alex Hawke said.

“The new $5.5 billion Growing Jobs and Small Business package will help small businesses in Mitchell invest more, grow more, and employ more.

“This is the biggest small business initiative in our nation’s history,” Alex Hawke said.

Small businesses are the engine room of our economy.

Alex Hawke said at the heart of the Growing Jobs and Small Business package are tax cuts for over 2 million Australian small businesses to help drive investment and employment across our economy.

Under the initiatives announced last night small business will get:

  • The lowest small business company tax rate in almost 50 years.
  • Tax cuts of 1.5% (down to 28.5%) for incorporated small businesses with annual turnover up to $2 million.
  • Unincorporated small businesses will get a 5% tax discount, up to $1,000 a year.
  • Small businesses can claim an immediate tax deduction for each and every asset purchase up to $20,000 from last night to 30 June, 2017.
  • Start-ups will be allowed to immediately deduct professional expenses, providing cash flow benefits.
  • We’re expanding tax concessions for Employee Share Schemes.

The Government is also providing more incentives for Australian small businesses to create more job and training opportunities for unemployed Australians.

Last night’s Budget is responsible, measured and fair. It is the next step in the Coalition’s long-term plan to grow the economy and help all Australians get ahead.

Small business is the engine room of the economy – it’s where new jobs will be created – and that’s why we’re committed to a better deal for small business.
 

“The Government’s Growing Jobs and Small Business package will create the right conditions for Australian small businesses to thrive and grow,” concluded Alex Hawke MP.

Further details on the Government’s Growing Jobs and Small Business package can be found at www.budget.gov.au