COSBOA is impressed with a ground-breaking 2015 Federal Budget. The budget inclusions for small business have been designed to boost confidence, buy boost cash flow and boost the economy, decease an economy that has always been based upon the foundation of small business people.
Peter Strong, CEO of COSBOA, stated tonight “the immediate deductibility for assets purchased up to $20k is as unexpected as it is welcomed. The 5% tax discount for unincorporated small business is another highlight of the budget. There are many more highlights in this budget which provides the lowest tax rate for small business since 1967. The government has promised something special for small business and have delivered on that promise.”
Mr Strong added “this budget has been communicated with small business people in mind, the budget papers have been written for a small business audience. This is a major step away from past budgets which have always been written by economists for other economists with scant respect for small business people. This change in communications cannot be understated.”
Mr Strong also added “the Abbott budget government team, headed up by Joe Hockey, will be rightfully pleased with this budget. Bruce Billson, Josh Frydenberg and Kelly O’Dwyer have added their imprimatur to a package that can only have good outcomes. The depth of announcements in the budget shows that the government understands that it is the little changes as well as the big ticket items that make a difference. The small business person’s capacity to start up, operate and if desired grow their business has been enhanced. Excellent.”
COSBOA will continue to analyse the budget and will provide further comment in a post budget newsletter to be available next week. This will include a focus on: employment support through wage subsidies; restructuring of vocational education and training; review of the employment services sector; the improvements in childcare arrangements; FBT issues and more. We will also review the impact of specific tax changes on individual small business sectors.