Ann Sudmalis (Gilmore, Liberal Party) Share this | Hansard source

I am sorry—the Treasurer. Tim Gleeson from Gleeson's Transport and Val and Aaron from Flooring Xtra in South Nowra hosted our visit. They are just two of thousands of small and medium businesses across Gilmore. As a former business owner making, distributing and exporting fudge, I know how crucial these tax cuts are for local enterprise—and there is no fudging the figures! It is great for business and great for jobs. In addition, I am proud to confirm to business owners that they are now considered a small business if they have a turnover of up to $10 million. Of course we know that is turnover, not profit.

As a timely reminder for the end of the financial year, all small businesses can immediately access the instant asset write-off—they can pay for up to $20,000 worth of new equipment and claim it back straight away. Importantly, this instant asset write-off has been extended to June of next year. Some other improvements for small businesses include simplifying the need to pay PAYG instalments as calculated by the ATO and being able to choose to pay GST on a cash basis. With the change in definition of small business, other benefits include fringe benefits tax exemptions that can be assessed simply, and so too can GST compliance. That will be a lot less cost for businesses as from July this year. Unincorporated businesses will qualify for the eight per cent small business tax discount—(Time expired)

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