Minister for Small Business Mark Arbib today told Western Sydney small businesses the Government would continue to help them grow by reducing red tape and increasing cash flow.
Senator Arbib joined Member for Greenway Michelle Rowland and Member for Chifley Ed Husic at the Greater Western Sydney Business Enterprise Centre network breakfast in Blacktown to outline positive changes for small businesses.
"Small business is at the heart of our economy and is vital to our nation's prosperity and growth," Senator Arbib said.
"We must support the individuals who run small businesses, who put all their effort into making them a success and who provide Australians with employment and quality products and services.
"I want to ensure that small businesses in Australia operate in genuinely competitive markets, receive simple and easy access to advisory and support services and are not caught up in red tape."
Mr Husic said the Government was delivering important changes this year that would improve cash flow and reduce red tape for small businesses.
"We are giving small business companies an early tax break by lowering the company tax rate from 30 to 29 per cent a year ahead of the reduction for larger companies," Mr Husic said.
"From 1 July this year we are changing the asset write off provisions for all small businesses and the changing depreciation arrangements for other assets - saving time, money and paperwork.
"This means small businesses will be able to immediately write off all new assets valued under $6,500 and up to $5,000 for new motor vehicles, meaning increased cash flow."
Ms Rowland said small businesses employed thousands of people across Western Sydney and it was vital they continued to be supported.
"This morning was a great opportunity for small businesses in Western Sydney to raise their concerns with Minister Arbib and work towards making life easier," Ms Rowland said.
"I know that some small businesses are doing it tough at the moment and I will continue to raise their issues with the Minister to ensure we fully support them."