Member for Barker has welcomed a suite of measures for small and family businesses announced as part of the 2019-20 Federal Budget
“Small businesses are the engine room of the Australian economy and backing small business is a key part of the Morrison Government’s plan for a stronger economy,” Mr Pasin said.
The Government is increasing the instant asset write-off threshold to $30,000 and expanding access to medium-sized businesses with an annual turnover of less than $50 million. These changes will apply from 2 April 2019 to 30 June 2020 and will benefit
The threshold applies on a per asset basis so eligible businesses can instantly write off multiple assets.
“This is a massive boost for local businesses who will be able to benefit from the instant asset write-off as they grow, providing a direct incentive to reinvest in their business,” Mr Pasin said.
The Government’s Budget highlights for small business also include:
Increasing the instant asset write-off threshold to $30,000 and expanding access to medium sized businesses with a turnover of up to $50 million.
$525 million to ensure Australia’s vocational education and training (VET) sector delivers the skills critical to the economy now and into the future.
$60 million increase to the Export Market Development Grants Scheme (EMDG) bringing the total annual spend to $157.9 million, to assist current and aspiring SME exporters to utilise free trade agreements and seek new offshore opportunities.
$61.2 million to establish the Energy Efficient Communities Program, which will provide grants to businesses and community organisations to improve energy efficiency practices and technologies to better manage energy consumption.
$11.5 million for a National Mental Health Workplace Initiative that will support businesses – including sole traders – and workers to create a mentally healthy workplace.
$6 million for a Mission Control Centre in South Australia that will create a platform for SMEs and researchers to control small satellite missions, enabling real-time control and testing and the accelerated development of Australian satellite technology.
$11.4 million to break through technical and scientific trade barriers so Australian fruit and vegetables can get market access into more countries, faster.
$29.4 million to enhance Australia’s agricultural exports to increase industry access to export markets and capitalise on emerging export opportunities.
$6.1 million to extend the Package Assisting Small Exporters for boutique producers.
Extending the seasonal workers visa program to allow our farmers to fill their seasonal labour vacancies.
A 12 month pilot to help smaller farmers address agricultural workforce shortages as part of the Seasonal Worker Programme.
Live Music Industry
$30.9 million to support the Australian live music industry as part of the Live Music Australia Initiative.
Supporting Defence Industry
Establishing the Sovereign Industrial Capability Grant program to invest up to $17 million in grants per year to build the capacity and capability of SMEs to participate in the defence industry.
“Australia’s small businesses do the heavy lifting by strengthening the economy and supporting our communities. There are around 3.4 million businesses employing around 7.7 million workers in Australia and 21,935 of these businesses are in Barker. These businesses will find it easier to operate and grow their business under Our Government,” Mr Pasin said.
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