Redlands Coast Chamber of Commerce
THE Coalition has outlined a policy proposal aimed at strengthening Australia’s small and family businesses should it win this weekend’s election.
The plan sets out a six-point strategy to stimulate sector growth and ease financial and regulatory pressures.
Unveiled by Opposition Leader Peter Dutton, the policy focuses on reducing taxes, improving access to finance, cutting red tape, lowering energy costs, simplifying employment laws, and ensuring a level policy playing field.
The Coalition has committed to helping create at least 350,000 new small businesses over four years if elected.
Key elements of the plan include the introduction of an “Entrepreneurship Accelerator”, which would provide a temporary tax concession for new businesses – offering reduced tax on the first $200,000 of income over three years.
The Coalition also proposes making the instant asset write-off permanent for purchases up to $30,000 and introducing a $2,000 “Tech Booster” to assist small businesses with digital upgrades.
The plan includes targeted measures for the hospitality sector, such as a $20,000 meal deduction and a freeze on indexation of excise on tap beer.
According to the policy, these initiatives are designed to help businesses in industries hit hard by recent economic conditions.
In addition to financial support, the Coalition aims to collaborate with regulators to improve lending conditions for small businesses and review compliance frameworks, including Fringe Benefits Tax (FBT), to ease administrative burdens.
The announcement comes amid ongoing discussion around the economic environment for small business in Australia.
While the Coalition has positioned its plan as a response to rising operational costs, the current government has also implemented various measures intended to support small businesses.
The Coalition says its plan forms a central component of its economic policy platform in the lead-up to the Federal Election.
