Small Business News Update

The Federal Election campaign made it’s way to Perth this week with another visitor from Canberra arriving in town. Small Business Minister Kelly O’Dwyer addressed local small business operators at a Swan Chamber of Commerce luncheon. The minister spoke about what tax cuts are planned from July 1, 2016 and what it would mean for small business.

People risk their capital and their homes, and put them on the line in order to create an opportunity for themselves, their families, their communities and ultimately our country. Ninety five percent of all business in our country is small business. This contributes about $340 billion to the national economy each year and employs about five million Australians. The minister who is also Assistant Treasurer, said it is up to the Government to create the right economic framework that allowed business to succeed. It is decisions in Parliament that have a big impact on peoples lives.

Tax cuts from July 1 would help to prevent businesses from being forced to shut up shop. Small Business will pay 27.5 cents per dollar rather than 30 cents from July 1 . This will help grow business and create more employment opportunities in Australia. Unincorporated entities those that have not been granted formal corporate status, would also reap the benefit of a tax discount. A lot of small business are unincorporated entities. These businesses are eligible for the tax discount as well, capped at $1000.Instant asset write off was another announcement that would benefit small business. Many businesses have high margins and small profits.

Those between $2 million and now up to $10 million turnover, get access to tax cuts and discounts, but also other tax concessions such as instant asset write offs.

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