POSITIVE NEWS FOR SMALL BUSINESS IN BUDGET BUT LONG
12 May 2015
POSITIVE NEWS FOR SMALL BUSINESS IN BUDGET
BUT LONG-TERM SPENDING IS A CONCERN
The Chamber of Commerce and Industry Western Australia (CCI) has welcomed the focus on small
business and workforce participation in the Federal Government’s budget.
But CCI Chief Executive Officer Deidre Willmott said the $2 million turnover test had been set too low
to enable many small businesses to benefit from the suite of benefits in the Small Business package.
“The $20,000 instant asset write-off will provide a genuine incentive for those that quality to invest in
their small business – with some flow-on benefits for the broader economy,” Ms Willmott said.
“However, the two tiered rate of company tax sends the wrong message because Australia needs a
company tax rate that is internationally competitive and applied to all businesses.”
“The measures focusing on youth employment and childcare will help boost workforce participation
and create a more skilled workforce capable of meeting Australia’s long-term needs.”
Ms Willmott said it was disappointing the Government had not been able to make inroads into its
spending to bring the budget back into balance faster.
“The Government has relied on revenue growth arising from its own economic forecasts rather than
bold economic reform to get its budget on the path to surplus.
“The National Commission of Audit identified the necessary reforms to the structure of government
and addressed the challenges of an ageing population.”
Ms Willmott said the Government should be applauded for backing its important Higher Education
reforms from last year by retaining them in this year’s budget.
She said the CCI called on all members of Parliament to work together to pass the Budget quickly to
provide certainty and to allow time to focus on longer-term reforms to the tax system and cutting red
Contact: Byron Vale – 0468 988 911
Chamber of Commerce and Industry Western Australia
180 Hay Street, East Perth, Western Australia 6004 | P: (08) 9365 7555 | F: (08) 9365 7550 | E: [email protected] a.com