Senate Passes Small Business Support Package
More than 10,000 local small businesses now have added certainty after the Senate passed the key elements of the Abbott Coalition Government’s Jobs and Small Business Package this morning (Monday), Nationals Member for Cowper Luke Hartsuyker said.
“All small businesses can claim an immediate tax deduction on every asset costing less than $20,000 that they have purchased since Budget night and can continue to do so until the end of June 2017,” said Mr Hartsuyker.
“Small companies with a turnover of less than $2 million will benefit from a 1.5 per cent tax cut from 1 July 2015. This will be the lowest tax rate for small business since 1967.
“Small business is the engine room of our economy, employing 4.5 million Australians, which is why the Government delivered the biggest small business support package in Australian history in the 2015 Budget.
“Strong, prosperous small businesses employ more people and help provide the economic growth we need as a region.
“The Government is also supporting small businesses by expanding fringe benefits tax exemptions, introducing new and more flexible wage subsidies to support the employment of eligible job seekers, and setting up a new small business ombudsman.
“It is worth noting that these bills were passed on the first morning of the first Senate sitting after the Budget, proving that Bill Shorten’s attempted trickery two weeks ago in relation to these bills was just a pathetic political stunt.”