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Budget 2016: Small business is too big to ignore

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NSW Business Chamber supports the 2016 budget stating that small and medium businesses across NSW have been given the opportunity to grow, innovate and employ more staff as a result of a supportive 2016-17 Federal Budget released by the Turnbull Government.

Stephen-Cartwright-NSW Business Chamber CEO Stephen Cartwright said, “For some time we have been articulating the need to extend the threshold at which a small business pays the lower company tax rate, and the Government has responded with very clear support for the small business sector.”

“From 1 July, the small business company tax rate will reduce to 27.5%, but more importantly, the turnover threshold increases substantially from an annual figure $2 million to $10 million.

“The threshold extends each year up to $100 million by 2019-20, meaning that more businesses will benefit from the reduced company tax rate and more importantly, a company won’t be penalised for their ongoing successes.”

It has taken time for Australia to be completely recognised by our political decision makers as a nation of small and medium business.

Cartwright said, “The Federal Government has rightly identified that sustainable jobs growth is going to be driven by the small business sector.” Lowering company tax rate immediately provides “small business owners the opportunity to employ those extra few staff members or take on an apprentice.”

Cartwright tells Dynamic Business that by giving a young person their first job or providing extra shifts for existing staff will be welcomed in regional NSW where there are traditionally fewer opportunities for business owners to make changes to their business operations.

“The NSW Business Chamber applauds a firm commitment to solving the youth unemployment crisis and welcomes the three tiered approach of Prepare, Trial and Hire.”

Cartwright recognises that Turnbull Government understands that reducing youth unemployment is a two way street “not only do young job seekers need tangible support, but business owners require incentives to take on young and often inexperienced staff members.”

The changes have a direct and positive impact on small and medium business. “It reinforces the success of the national Chamber movement’s 2013 Small Business: Too Big to Ignore campaign, where the small business sector challenged political leadership of all persuasions who had, for far too long, taken them for granted.”

Cartwright tells Dynamic Business that “the NSW Business Chamber welcomes new measures to counter tax avoidance with the establishment of a tax avoidance taskforce.”

Cartwright’s concern is that the “Government is forecasting to spend $37 billion more than it expects to earn in the next financial year – any business owner will tell you that this is simply not a sustainable long term proposition, and eventually someone has to pay the bill.”