Small business is the backbone of the Australian economy.
More than 14,000 small and medium-sized businesses employ thousands of locals in Knox. We have a plan to help small businesses thrive, grow and employ more people. We are committed to supporting small businesses because when they do well, we all do well.
We are extending the Instant Asset Write-Off until 30 June 2020, for assets up to $30,000.
Since 2013, we have cut over $6 billion of red tape. This includes a simplified Business Activity Statement, doubling ASIC financial reporting thresholds and $300 million to help states and territories reduce red tape.
We’re also helping our businesses export to the world by boosting the Export Market Development Grant scheme by $60 million to back small and medium sized Australian exporters.
We have also delivered trade agreements with China, Japan, and Korea and agreements with Indonesia, Peru and Hong Kong. Australian exporters will also benefit from the new Trans-Pacific Partnership – an Agreement between 11 major economies in our region worth $13.7 trillion.
For businesses with a turnover less than $50 million, the tax rate has been reduced from 30% to 27.5% – the lowest rate in 50 years. We will be further reducing this to 25%.
For unincorporated businesses with a turnover less than $5 million, we have introduced a tax discount of 8% (capped at $1,000). This will further increase to 16%.