The 2015 budget has been described by Treasurer Joe Hockey as the budget to encourage Australians to “get out there and have a go”.
A $5.5 billion package to help more than 2 million small businesses has been proposed. If passed, small businesses could benefit from a 1.5 per cent tax cut for small companies and a 5 per cent tax discount on income from unincorporated small business activity. Small Businesses could also benefit from immediate tax write-offs for assets valued at $20,000 or less.
But what does this mean for you? Can these tax breaks really give small businesses a boost and encourage business intenders to give it a go?
The Business Growth Centre certainly hopes so.
96 per cent of all Australia’s businesses are small businesses, employing over 4½ million people and producing over $330 billion of the nation’s economic output per year. It seems not only smart, but essential to give this sector a boost as these budget measures could both lift the domestic economy and encourage small businesses to invest.
According to Peter Strong from the Council of Small Business; this budget is “giving (small business owners) something that will really motivate them to go and spend and buy things and grow their business and save their business and employ people and get cash flowing through the economy.”
If you’re looking to take advantage of these impending measures but not sure where to start, the Business Growth Centre presents a monthly workshop called Small Business Basics that can help you. Click here for more information and future dates.
You can find more information on the 2015 Budget from the following sources: