Incentives in Budget lift industry
TREASURER Joe Hockey’s second Budget has gone over well with small businesses, with close to 60 per cent backing the government’s $5.5 billion support package, according to a recent survey.
Businesses with less than $2 million turnover will be able to immediately write off assets worth less than $20,000.
Incorporated small businesses will also receive a 1.5 per cent tax cut, while unincorporated businesses with receive a 5 per cent tax discount.
Of those covered by the package, 58 per cent said the Budget will have a positive effect on business, according to research by DBM consultants.
But 27 per cent said the Government had not done enough for small business.
The Budget was less popular among those with a turnover greater than $2 million, with only 41 per cent saying it would be good for business.