Small businesses in Gippsland are getting a welcome helping-hand to grow and thrive.
The Nationals Member for Gippsland Darren Chester has announced paperwork will become simpler for business owners; and they will be able to immediately write-off new assets for another year.
“Anything governments can do to encourage Gippslanders to further invest in and grow their businesses will have positive flow-on effects for all of us, particularly job seekers,” Mr Chester said.
Small Business Minister Michael McCormack said BAS will have three reporting requirements, rather than seven, from this week.
“We have also extended the popular $20,000 instant asset write-off program to run for another year,” Mr McCormack said.
“I heard from small business how helpful the instant asset write-off is to purchase the new equipment they need to grow, and how it creates what small business calls a ‘chain reaction’ for staff and customers.
“We listened to that feedback and the Government extended the program in the 2017-18 Budget. As a result, small businesses with a turnover up to $10 million can continue to purchase the equipment they need to grow up to $20,000 and write it off immediately.”
Mr Chester said small business tax cuts – which were back-dated to 1 July 2016 so small business reaped the rewards immediately – also made more small businesses eligible for the program.
“The best way we can help to create jobs and give our children a future in Gippsland is to support our local businesses,” Mr Chester said.
“Small business is the backbone of our local economy. They help many other local organisations and add to the prosperity of our communities.
“Our changes will help them to create even more jobs and keep our economy growing.”
For more information, visit www.business.gov.au/smallbusiness.