The Nationals Member for Gippsland Darren Chester has welcomed the extension of the instant asset write-off program for small businesses introduced to Federal Parliament today.
Mr Chester said the write-off program helped small local businesses to thrive and strengthen regional communities in Gippsland.
“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 so many other local organisations, including sporting clubs, schools and community groups, and add to the prosperity of our communities.
“Anything we 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.”
The Federal Government will extend the immediate deductibility rules for a further 12 months to 30 June 2018. This means small businesses with an annual turnover of up to $10 million can immediately deduct eligible assets costing less than $20,000 each.
Small Business Minister Michael McCormack, who today tabled a bill in Federal Parliament to enact the extension, said the instant asset write-off would help businesses and employment levels to grow.
“Small business has a big impact on the Australian economy – with 3.2 million small businesses employing 5.6 million Australians,” Mr McCormack said.
“It’s small business – not Government – which creates jobs and that’s why the Government backs small business.
“I have heard firsthand how helpful the instant asset write-off is for many small businesses to invest in the capital equipment they need to grow and – importantly – create more jobs.
“Partnered with our recently-delivered tax cut for small business and extending the definition of ‘small business’ to benefit more enterprises, this investment continues the Government’s support for small businesses to pursue new ideas, invest in themselves and create more jobs.”
For more information visit: www.business.gov.au/smallbusiness.
The Nationals Member for Gippsland Darren Chester said helping small businesses to invest for future growth will help to create prosperous communities.
