Kelly O'Dwyer (Higgins, Liberal Party, Minister for Small Business) Share this | Hansard source

Thank you very much to the member for Lyons. He is such a powerful advocate for the small businesses in his beautiful electorate. I have enjoyed on a number of occasions being able to go down there and meet with them directly.

First, what are we doing for small business? I can tell him that they are benefiting in so many ways from the Turnbull government's economic plan, a plan that is going to provide jobs and growth. As a winemaker, Steve is going to benefit from the record investment in the wine industry. Over the next four years, there is going to be a record investment of an additional $50 million in the promotion of Australia wines. Now this is going to turbocharge the investment and the growth through our exports, particularly through our new free trade agreements. I understand that Steve is so impressed with the government's budget announcements that he is now thinking of expanding his small business to extend it into a whiskey business, to do whiskey distillery. Why? Because next year we will be extending the brewery excise refund scheme to domestic spirit producers, including producers of whiskey, gin, rum, vodka, liqueur and producers of low-strength fermented beverages. Now Steve will be amongst 100 distillers eligible for a refund of up to 60 per cent the excise paid, which is around $30,000 per financial year, which he can reinvest in his business and he can reinvest it to purchase new equipment.

And, in more good news for Steve, the Turnbull government is expanding tax incentives and tax cuts for small businesses so that they reinvest in their businesses and they can create more jobs. More than $3 million small businesses will benefit from the government's cuts to tax and the change in the definition of small business from those with a turnover of less than $2 million to a turnover of less than $10 million. Steve's turnover is around about $2.5 million, and he is going to pay a company tax rate now of 27.5 per cent on 1 July this year—a reduction of 2.5 per cent. He will also be able to take advantage of the instant asset write-off off $20,000, and he will be able to restructure his business and take advantage of that with the rollover release.

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