Small business is the backbone of our economy.
We’re backing small businesses, to help them get ahead and create more jobs.
SMALL BUSINESS TAX RELIEF
Our tax relief plan benefits 3.4 million businesses employing over 7 million Australians.
For businesses with a turnover less than $50 million, the tax rate has been reduced from 30% to 27.5% – the lowest rate in 50 years. We will be further reducing this to 25%.
For unincorporated businesses with a turnover less than $5 million, we have introduced a tax discount of 8% (capped at $1,000). This will further increase to 16%.
INSTANT ASSET WRITE-OFF
We are extending the Instant Asset Write-Off until 30 June 2020, for assets up to $30,000.
This helps small businesses (turnover under $50 million) invest in the machinery and equipment they need to grow.
Almost 350,000 small businesses accessed the Instant Asset Write-Off.
RED TAPE RELIEF
Since 2013, we have cut $6 billion of red tape. Measures include:
- A simplified Business Activity Statement.
- Doubling ASIC financial reporting thresholds.
- $300 million to help states and territories reduce red tape.
HELPING CASH FLOW
From July, the Government will be required to pay its bills within 20 days, for contracts up to $1 million.
Large businesses seeking government contracts will be required to do the same.
BETTER ACCESS TO FINANCE
A new $2 billion Australian Business Securitisation Fund will help small businesses get the funding they need at a better rate.
Small businesses are getting a fair go, through:
Changes to competition law to stop big businesses abusing market power.
Unfair contract legislation.
Free, fast and binding dispute resolution through the new Australian Financial Complaints Authority.
Action against illegal phoenixing.
The Small Business and Family Enterprise Ombudsman.
Information current as at April 2019