Big in­cen­tives for small busi­nesses in Childers

Isis Town and Country - - News -

SMALL busi­nesses will share in a $5.5 bil­lion pack­age to drive new start-ups and job cre­ation.

Childers Cham­ber of Com­merce pres­i­dent Ren Cini be­lieves this year’s bud­get was a strong one for small lo­cal busi­nesses.

“I def­i­nitely think it’s ben­e­fi­cial for small busi­ness,” he said.

“And I hope the busi­nesses in Childers will take ad­van­tage of what’s avail­able in the new bud­get and run with it.

“The gen­eral vibe in the busi­ness com­mu­nity is that peo­ple are in­ter­ested to see how it will ben­e­fit them.”

In 2013-2014, Aus­tralians started more than 280,000 new small busi­nesses – a fig­ure the gov­ern­ment wants to in­crease.

New busi­nesses will now be able to im­me­di­ately deduct pro­fes­sional ex­penses in­curred dur­ing their in­cep­tion – like legal fees – in­stead of hav­ing it ap­por­tioned over five years.

Small busi­nesses will also be able to re­ceive de­duc­tions on work as­sets cost­ing less than $20,000 in the same year they make the claim.

The de­pre­ci­a­tion thresh­old for im­me­di­ate de­duc­tions cur­rently sits at $1000.

A 5% tax dis­count for

Childers Cham­ber of Com­merce pres­i­dent Ren Cini It’s ben­e­fi­cial for small busi­ness. And I hope the busi­nesses in Childers will take ad­van­tage of what’s avail­able in the new bud­get and run with it.

un­in­cor­po­rated small busi­nesses will be avail­able from July, to bring them in line with in­cor­po­rated small busi­nesses, which will re­ceive a 1.5% tax cut.

The Trea­sury Depart­ment says 780,000 small busi­nesses will be el­i­gi­ble for the tax cuts.

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