Local businesses cash in on tax write-offs
MORE than 2500 Mid North Coast businesses have taken advantage of instant asset write-off according to the latest statistics from the tax office.
Small businesses are said to be reaping the benefits of lower taxation after the Coalition Government recently secured tax cuts for around 3.2 million small and medium Australian businesses employing 5.6 million workers as part of its Ten Year Enterprise Tax Plan in the 2016-17 Budget.
Close to 300,000 Australian small businesses have taken advantage of the Coalition Government's instant asset write-off according to 2015-16 tax office data, including 2,655 on the Mid North Coast.
Nationals Member for Cowper, Luke Hartsuyker said the instant asset write-off is directly helping small businesses.
"The instant asset write-off is increasing small business' bottom lines and improving cash flow which means more local investment and local job creation on the Mid North Coast," Mr Hartsuyker said.
"In 2015-16, the number of claims increased by 50,550 and the average amount claimed increased by $4,065 to $9,000.
"This means more money in the pockets of small businesses on the Mid North Coast so they can grow their businesses, employ workers and pay them more.
"That is why the Coalition Government increased the per-asset threshold of the instant asset write-off from $1,000 to $20,000 and extended the program in the Budget until June 30, 2018.
"Cash flow is so important for small business operators and the instant asset write-off means that tradies can invest in better tools, cafes and restaurants can upgrade their equipment and all small businesses can reinvest to grow their business.
"These great results are set to continue with tens of thousands more small businesses able to access the instant asset write-off thanks to the Coalition Government's increase in the small business turnover threshold to $10 million per year.
"The extension of the instant asset write-off is just one part of the Government's plan to boost the economy and help small businesses invest and grow," Mr Hartsuyker said.