Budget 2017: Small business direction welcomed
Ombudsman and T&L peak bodies welcome funding allocations in the�2017-18 Budget
AUSTRALIA’S SMALL business Ombudsman and transport and logistics peak bodies have welcomed funding allocations in the 2017-18 Budget.
While the Australian Trucking Association ( ATA) is pleased with federal government’s commitment to continue funding road safety infrastructure programs, the Australian Logistics Council ( ALC) welcomes the $ 8.4 billion commitment towards the Melbourne to Brisbane Inland Rail project.
ALC also commends the government for allocating $ 5.3 billion to construct the Western Sydney Airport and $ 75 million to duplicate the Port Botany freight rail line.
Australian Small Business and Family Enterprise Ombudsman ( ASBFEO) Kate Carnell says small businesses will benefi t from the $ 20,000 instant asset write- off scheme that has been extended to June 30 next year.
The Australian Livestock and Rural Transporters Association ( ALRTA) highlights the government’s extension of infrastructure programs to 2020-21, including: • Roads to recovery ($ 400 million
per year) • Black spot ($ 60 million per year) • Heavy vehicle safety and
productivity ($ 40 million per year) • Bridges renewal ($ 60 million per year). ATA chair Geoff Crouch says these projects are “highly cost effective and deliver safety improvements such as truck rest areas, roundabouts and street lights at dangerous places on our roads”.
Crouch joins Carnell in commending the government for its “small business focus” through the extension of the instant asset write- off program.
The scheme allows small businesses to immediately deduct assets costing less than $ 20,000 instead of claiming deductions over a number of years.
“The vast majority of trucking businesses are small businesses. Ninety-four per cent have a turnover of $ 2 million or less,” Crouch says.
“The government’s decision to extend the instant asset write- off to 30 June 2018 will benefi t many eligible businesses.”
The Ombudsman office supports other “pro- small business initiatives” in the Budget including measures that will “require banks to be more accountable and transparent in their dealings with small business and open up competition in alternative sources of fi nance”.
However, the Ombudsman is “disappointed” that the government did not set an example of faster payment times by adopting a mandatory pay time scheme or a national payment transparency register to independently monitor pay terms and practices.
“The vast majority of trucking businesses are small businesses”