Newspaper article The Queensland Times (Ipswich, Australia)

Small Business Welcomes Budget's New Tax Offsets; Skills Development and Training Should Have Some Knock-On Benefits

Newspaper article The Queensland Times (Ipswich, Australia)

Small Business Welcomes Budget's New Tax Offsets; Skills Development and Training Should Have Some Knock-On Benefits

Article excerpt

YOUR Chamber welcomes the changes and benefits to small business announced in Tuesday's Federal Budget.

The replacement of the Entrepreneurs' Tax Offset with a $5000 deduction for new vehicle purchases is a welcome one.

There are, however, many small to medium businesses for whom a vehicle is not necessarily a top priority.

There's also a cash flow benefit in the form of a tax adjustment for the new financial year where income tax instalments paid under PAYG will be reduced for one year.

The company tax rate will come down to 29% for incorporated small business and generous funding for the Small Business Support Line, used largely by newer businesses and start-ups, is a positive.

The Buy Australian initiative aims to spread the opportunities from the resources boom, by helping small companies grow as suppliers to the resources sector, so there are likely to be some opportunities for those in relevant industries.

A focus on skills development and training should also have some knock-on benefits for business of all sizes.

As emphasised by the government, small business is the backbone of our economy, therefore it was particularly pleasing to hear the announcement of the immediate write-off of all assets valued at under $5000 (previously $1000), plus changes to depreciation that should make things simpler and cheaper.

Your chamber is working closely with the BECIR and the Ipswich City Council Office of Economic Development to collate feedback from the Where Are You Now? flood recovery surveys.

We encourage you to complete this form and return it to fax 3812 4353 or email admin@becir.com.au as these responses are important for all businesses in our region as to how we progress from this point. Survey forms are available from www.ipswichchamber.

org.au/floods and follow the link.

Chamber representatives will be attending the Apprenticeships Queensland Tradesman's Expo this Friday, May 20 at The Ipswich Turf Club. …

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