Hinchinbrook MP, Andrew Cripps, has welcomed the federal Coalition Government’s budget focus on supporting small businesses to grow and create job opportunities in local communities.
Mr Cripps said the federal Coalition was to be commended for promoting policies that encouraged small business to take advantage of the current low interest rate environment and invest in their own business.
“Small businesses are the engine room of the economy in the Hinchinbrook electorate and I know there are hundreds of small business owners between Innisfail and Townsville that will be better off as a result of the excellent initiatives in this budget” said Mr Cripps.
“If small businesses are investing in themselves, it should drive employment opportunities in local communities, which is what we are looking for in the Hinchinbrook electorate – a reason for people to back themselves and have a go, which creates new local jobs” he said.
Mr Cripps said the federal Coalition’s flagship $5.5 billion Jobs and Small Business package, was a centrepiece of the budget and comprised of:
– a 1.5 per cent corporate tax cut for small businesses,
– a 5 per cent tax discount for unincorporated small businesses with a turnover of less than $2 million,
– $70 million to encourage start-up businesses,
– a range of measures to cut red tape for small businesses,
– $25 million to encourage job seekers to look for work,
– $331 million to help disengaged youth get job ready,
– an immediate tax deduction for small business for individual assets costing less than $20,000 (accelerated depreciation).