In his key budget speech to the Federal Parliament, Federal Member for Aston, Hon Alan Tudge MP, highlighted the significant boost to small businesses in Knox.
Mr Tudge noted that there are 11,000 small businesses in Knox making them the “backbone of our local economy.”
He highlighted that the budget measures will provide immediate benefits, encouraging them to invest and employ more people.
“Business owners work hard and frequently mortgage their house to keep their business afloat,” Mr Tudge told the Parliament.
“They are typically incredibly proud of the services they offer and the employees that they can take on and provide for.”
“The budget provides a turbo boost for these small businesses, and it does it in two ways: firstly, by providing them with a tax cut of 1.5 per cent, which occurs whether you are an incorporated business or an unincorporated business; and, secondly, by providing an instant asset write-off for every purchase up to $20,000, and that is effective immediately.”
“What that means is that businesses can go out today, make a purchase and then immediately write that off against this year’s tax, effectively reducing their tax and increasing their cash flow.”
“What that will do is provide a real stimulus for those small businesses to go and spend money to invest, to grow and to employ people locally.”
That is what I think is so positive about this particular budget measure: it really provides a stimulus for the small business sector, which is at the heart of Knox,” said Mr Tudge.
Further details on the Government’s Growing Jobs and Small Business package can be found at www.budget.gov.au