The Federal Budget has delivered some hits and misses for small business, according to small business owner and CEO of marketing and public relations agency Taurus Marketing, Sharon Williams.
Ms Williams has applauded the Government’s tax incentives for small business, with the Investment Allowance on capital assets increasing from 30 percent to 50 percent.
“I am pleased the Government has taken steps to encourage small businesses to invest in capital assets.”
Ms Williams also applauded the $10 million investment to help small businesses get online and improve their e-commerce capabilities, believing it is important for small businesses to “establish e-commerce business opportunities.”
However she has rejected the Government’s cuts to superannuation tax concessions.
“It is disappointing however that the government has taken away the incentive for small business owners to invest in superannuation.
“The tax deduction on super contributions has now changed – we used to be encouraged to make super contributions of up to $50k under 50 years and get a tax deduction… with this budget we will only get a tax deduction of $25k. This will discourage super contributions which with an aging population is a concern.”
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