New small businesses on the rise
New figures show the number of small businesses in Australia has increased by more than 21,500.
Hon Kelly O’Dwyer, the minister for small business and assistant Treasurer, said the latest figures from the Australian Bureau of Statistics (ABS) are encouraging.
“This is the second consecutive year the number of small businesses has increased,” Ms O’Dwyer said.
Ms O'Dwyer noted that with the recent announcement of the small business and family enterprise ombudsman, Kate Carnell, the government is on track to ensure growth continues.
“In December, the government unveiled its innovation package including the implementation of Australia’s first crowd-sourced equity funding [CSEF] framework. The CSEF Bill is currently in Parliament.”
Key measures of the government’s $5.5 billion Growing Jobs and Small Business package include:
- the ability for start-ups to immediately deduct professional expenses for starting their business;
- 1.5 per cent small business company tax cut;
- five per cent tax discount for unincorporated small businesses;
- no Capital Gains Tax liability for changing business structure without changing owner; and
- $20,000 instant asset write-off for small businesses.
“We are committed to supporting small businesses now and in the future,” Ms O’Dwyer said.