The Council for Small Business Australia (COSBOA) welcomes the push by the Federal Small Business Minister, The Hon Michael McCormack MP, to extend the Australian Government’s $20,000 instant asset write-off for Australian Small Businesses.
COSBOA Chair, Paul Nielsen said that the policy continues to be effective on a number of levels.
“The instant asset write-off helps drive economic growth through encouraging small business people to invest in new business assets. We know this is happening,” Mr Nielsen said.
“The policy also supports innovation, allowing Australian small business people to invest in renewing equipment which helps to increase productivity.”
COSBOA members have consistently highlighted that the policy, adopted in 2015, has been beneficial for people in small businesses and has encouraged them to invest.
“Small businesses people are driving the Australian economy, employing over 4.4 million Australians”, Mr Nielsen said. “It is important that the Australian government continue to support small business people through policies like this.”
COSBOA is concerned that the Government, with the Small Business Minister excluded from Cabinet, may forget the impact that small business people have in the lead up to this budget and entreats all members of Cabinet to support Minister McCormack in his advocacy for Small Business people.
“We do not need to remind Ministers that they all have many Small Businesses people in their communities who vote and that the sector employ's millions of Australians. The people who own and run those businesses will be looking to the Government for leadership in the 2017-18 Budget,” Mr Nielsen said.
COSBOA looks forward to working with all Members of Parliament and Senators to ensure the 2017-18 Budget delivers meaningful outcomes for small business people.