THE Federal Election campaign made its way to Midland [the week before last], with the second visitor from Canberra arriving in town.
Small Business Minister Kelly O’Dwyer addressed local small business operators at a Swan Chamber of Commerce lunch on Thursday at the 7th Ave Bar and Restaurant just 24 hours after Treasurer Scott Morrison stopped in at a local sports shop next door.
The minister spoke about what tax cuts planned from July 1 would mean for small to medium sized enterprises, as well as recognising the persistence of small business owners.
“People risk their capital and their homes, and put them on the line in order to create an opportunity for themselves, their families, their communities and ultimately our country,” Ms O’Dwyer said. “Ninety seven per cent of all business hi our country is small business.
“This contributes about $340 billion to the national economy each year, and employs about five million Australians.” The minister, who is also Assistant Treasurer, said it was up to the Government to create the right economic framework that allowed businesses to succeed.
“It is decisions made in Parliament that have a big impact on people’s lives,” she said.
“I come from a small business background myself. My parents had a retail business, which went bust during the recession.
“That brought home to me how important it is to create the right economic framework. ”
Hasluck MHR Ken Wyatt and East Metropolitan MLC Alyssa Hayden also attended the event.
Ms O’Dwyer said the tax cuts from July I would help to prevent businesses from being forced to shut up shop.
“Small business will pay 27.5 cents per dollar – rather than 30 cents – from July l,” she said. “This will help grow business and create more employment opportunities in Australia.”
Unincorporated entities, those that have not been granted formal corporate status, would also reap the benefit of a tax discount according to the minister.
“A lot of small business are unincorporated entities,” she said.
“These businesses are eligible for the tax discount as well, capped at $1000.”
Instant asset write off was another announcement that would benefit small business , she said.
“Many businesses have high margins and small proflt,” Ms O’Dwyer said.
“Those between $2 million and now up t( $10 million turnover, get access to tax cut., and discounts, but also to other tax concessions such as instant asset write off.”
(SOURCE: Midland Reporter, 14.6.16, Montana Ardon)