Small businesses in Barker are set for simpler Business Activity Statements (BAS) and an extension to the instant asset write-off programme thanks to positive changes in force from 1 July, Mr Pasin says.

“As the calendar turned to July 1, local small businesses are set to benefit from simpler paperwork and yet another year to use the instant asset write-off,” Mr Pasin said.

Small Business Minister Michael McCormack said the popular $20,000 instant asset write-off programme will run for another year thanks to an extension in the recent Federal Budget.

“Around the country, I heard from small business how helpful the instant asset write-off is to purchase the new equipment they need to grow, and how it creates what small business calls a ‘chain reaction’ for staff and customers,” Mr McCormack said.

“We listened to that feedback and the Government extended the programme in the 2017-18 Budget. As a result, small businesses with a turnover up to $10 million can continue to purchase the equipment they need to grow up to $20,000 and write it off immediately.

Mr Pasin said small business tax cuts – which were back-dated to 1 July 2016 so small business reaped the reward immediately – also made more small businesses eligible for the programme.

“We know turnover above $2 million doesn’t mean you’re a big business, so we have changed the definition to up to $10 million to help even more genuine small businesses grow.”

1 July 2017 also sees a tax cut for the large-employing medium-sized businesses with an annual turnover up to $25 million.

“Small businesses employ almost one in every two Australians in the workforce. Our changes back them to create even more jobs and keep our economy growing.”

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CONTACT: Courtney Stephens (08) 8531 2466 (Mr Pasin’s office)