Five years early.
The Coalition Government has brought forward by five years its tax cuts to businesses with a turnover of less than $50 million.
Small and Family Business Minister, Michaelia Cash said bringing forward the tax cuts will be a shot in the arm for the small and family business sector, leading to more investment, increased employment opportunities for Australians and putting upward pressure on wages.
“There are 3.3 million small businesses in Australia, employing almost seven million people,” the minister said.
In this year’s Budget the government extended the instant asset write off for another 12 months and committed $20 million for SME export hubs to help small and medium enterprises work together to access export markets and global supply chains. It also committed $17.7 million to expand the entrepreneurship facilitators program to support entrepreneurs for both regional Australia and older workers who are considering establishing their own business.