The Australian Newsagents’ Federation (ANF) said the Government and Small Business Minister Bruce Billson have done a great job with the $5.5 billion Growing Jobs and Small Business Package. It delivers the right impetus for developing improved small business activity in the economy.
National Policy Manager Ben Kearney said, “The new announcements in last night’s budget are welcome. The 5% tax discount for unincorporated small businesses capped at $1000 per individual and the increase in the immediate tax deduction for equipment purchases from the current $1000 to $20,000, will bring forward the timing of deductions and improve overall cash flow. This will definitely create further impetus and incentive for our members to invest in their businesses.”
“Some of the incentives in the jobs package are also very attractive for Newsagents who have been considering putting on a new employee. The wage subsidies of up to $10,000 over 12 months for creating new positions for job seekers will be a big incentive.” said National Policy Manager, Mr Ben Kearney.
The ANF said of the other measures already announced, “Cutting the company tax rate for small businesses to 28.5% will be the most welcome. However, reforms to allow small businesses more flexibility to change their legal structure without incurring a CGT liability, streamlining business registrations and allowing immediate deductions for professional expenses when starting in their business, are all helpful and allow Newsagents to get on with their businesses.
“Other changes we like are expanding the FBT exemption for work related electronic devices as these devices are essential for some of our employees to manage our digital marketing, and the extension of the GST to digital downloads and services from overseas, which will support things like book sales in Newsagents.
“Overall, we feel this is a great budget for small business. We remain concerned about the overall position of budget deficits, especially if we encounter some headwinds as an economy over the next few years, but this budget does a lot to kick start small business and that can only help.” said Mr Kearney.
The Australian Newsagents’ Federation (ANF) is the peak body representing Australia’s retail and distribution Newsagents.
A PDF copy of this media release is accessible HERE.