Small tax cuts for small business 1:11pm 15.05.08

Small businesses have minor tax cuts to celebrate but not much else following the release of the Federal Budget on Tuesday. The Council of Small Business of Australia (COSBOA) estimated the cuts would equate to about $90 extra a week, a benefit, but not substantial enough make a difference to the economy.

However, chief executive of COSBOA Tony Steven, welcomed the injection of more than $30 million to Business Enterprise Centres, despite cutting the Business Entrepreneurs Program. "The government re-announced their additional funding for the Business Enterprise Centres, being $42 million over the next four years … This is an additional spend of $31.5 million in the small business advisory program."
 
Others have criticised Treasurer Wayne Swan’s selective threshold adjustment; although the threshold for the Medicare levy rose for individuals and couples, small businesses did not enjoy comparative treatment for capital gains tax exemptions thresholds.