Big incentives for small businesses in Childers
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.