Elation at small business breaks

REACTION

TASMANIA’S small businesses are preparing to upgrade and retool following tax breaks announced in the Federal Budget.

Tasmania has 36,000 small businesses — employing more than 105,000 people.

Tasmanian Chamber of Commerce and Industry chief executive Michael Bailey said businesses were excited about the prospect of tax cuts and instant tax deductions for new equipment.

“We’ve had a number of calls from excited businesses today who, for the first time, feel the Government has understood the importance of the sector as the powerhouse it really is,” Mr Bailey said.

Hobart Chamber of Commerce chief executive Steve Adermann applauded the recognition the Budget gave to small business.

He said relieving the tax burden on small businesses also gave them the confidence to employ more staff.

The tourism and hospitality sector said operators would be able to spruce up their wares — resulting in an improved tourism experience for visitors.

The Tourism Industry Council of Tasmania said 90 per cent of the state’s tourism operators would be eligible to take advantage of the small business tax deductions.

The Budget announced $1.75 billion in measures that will allow small business to receive an immediate deduction on the purchase of assets worth up to $20,000.

TICT chief executive Luke Martin said the tax break would stimulate investment in tourism products.

The Tasmanian Hospitality Association agreed the Budget would see a surge of upgrades.

General manager Steve Old also applauded moves to make young people more job ready, as outlined in the Budget’s Youth Employment Strategy.