The Commonwealth Government continues to display our commitment to thriving industries and small businesses in our region.
I argued in my campaign in 2019 that red tape should not prevent innovation, expansion, and trade opportunities for locals and their businesses. I still advocate for change. And I’m pleased to say the 2021 Commonwealth Budget contains several measures that will help businesses in Mallee expand into the future.
A 12-month extension of the instant asset write-off scheme is a huge win for local businesses looking to invest.
This scheme will allow around 20,900 businesses in Mallee to write off the full value of any eligible asset they purchase over the next 12 months.
This has been hugely beneficial to businesses buying equipment and supplies across Mallee, while creating jobs, and delivering benefits up and down the supply chain.
Tractors, headers, silos, trucks, utes, trailers, ovens, fridges, and any asset you can think of can all be written-off under this scheme.
We’ve also extended the loss-carry back measure for another year. This allows businesses to claim recent losses against income tax paid in previous years. In other words, if your business has made a loss recently, you can claim back some of the tax you’ve paid on profits in the past.
This puts money back into the pockets of business owners, allowing them to hire more employees, and reinvest in their business and local economy. Around 4,100 businesses in Mallee are eligible for this scheme.
The Government knows that access to global markets will be crucial to the growth of several key Australian industries, including agriculture.
The Commonwealth Government is investing $65 million to support export businesses through the Export Market Development Grants Scheme. This scheme reimburses exporters for eligible marketing and promotional expenses related to international trade.
In a world where trade has never been more uncertain, it’s important to support exporters to diversify and expand internationally.
This year’s Commonwealth budget is great for our region, because it provides tax relief for small businesses, and much needed support for exporters. I’m focused on supporting business to innovate and expand, and these measures will go a long way.