- The GST threshold for turnover in a small business is currently $75,000. The SBP want this increased to a $200,000 threshold.
- The SBP will encourage and support the emerging Micro business sector to ensure it prospers and grows rather than disappearing under government regulation, fees and charges. Most Micro businesses are run by young Australians, single parents, stay at home partners and their efforts need to be supported.
- All for sole traders, partnerships and trusts will be given access to R&D incentives.
- We will significantly improve funding to small businesses for export market development.
- The SBP will make the small business asset write-off permanent to provide certainty and reduce large accounting fees for depreciation calculations.
- The turnover of a small business as defined has moved to $10m or more however the small business CGT exemptions have remained at $2m. Legislation needs to be revisited and fixed.
- Payroll Tax is a tax on employment – it kills jobs growth for Small Business. The SBP will work to have State Governments raise existing thresholds with a plan to eventually eliminate payroll tax – and make them consistent across Australia instead of different in each State.
Removing this burden on small businesses WILL drive jobs growth, business investment, and innovation – all vital to a sustainable economy.