Budget boosts 40,000 small businesses

Member for Fisher Andrew Wallace, who invited Mr McCormack, underscored what the federal budget has delivered for businesses in the area.

“The 2017 Federal Budget has delivered for 40,000 small businesses throughout the Sunshine Coast. Small business is central in the federal government’s plan to grow the economy and create more jobs,” Mr Wallace said.

“The federal government has cut the company tax rate for small business to 27.5 per cent – its lowest level in many decades. From running my own small business, I know any tax break you receive will go back into the business, to help it expand and create more jobs.

“Small business is a very big employer on the Sunshine Coast, and the federal government wants them to hire even more people.”

Mr McCormack emphasised that the budget extended access to the instant asset-write off and delivers incentive payments to “cut red tape” for small business.

“Around Australia, I have heard stories of how our instant asset write-off program helps small businesses to grow, to pursue new ideas and to employ more people,” Mr McCormack explained.

“I took that feedback to the budget process and the government has extended the program for an additional year. This enables small businesses to purchase the equipment their business needs under $20,000 and write it off instant against their tax.

“I have also heard how challenging unnecessary red tape is for small business – something I remember from my own eight years in small business – so we have $300 million to state and territory governments in an incentive to cut red tape even further.”

[Related: Budget 2017 - what's in it for SMEs?]