Business may already be a core constituency for the Government, but it has not been completely forgotten in a pre-election Budget mainly focused on households.Small business tax cuts have been brought forward by five years, taking their tax rate from 27.5 per cent down to 25 per cent
In his speech, Treasurer Josh Frydenberg lauded small businesses as"the engine-room of our economy", acknowledging business owners who"put their livelihoods on the line".Tax cuts for small and medium businesses will be brought forward and will include businesses with turnovers below $50 million. The Budget extends the instant write-off to cover assets up to $30,000, for businesses with turnovers less than $50 million —"allowing a cafe to get a new fridge or grill, a plumber to buy new tools or a courier a new van," the Treasurer said.
The current incentive payments for apprenticeships will be doubled, for fields from carpentry and plumbing to hairdressing and baking.
Source: News Formal (newsformal.com)
he is splashing billions on small biz with instant tax write off
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