THE Australian Small Business and Family Enterprise Ombudsman (ASBFEO) has encouraged small business operators to take advantage of the Government’s instant asset write-off extension.

More businesses are now eligible to buy equipment (new or second hand) up to $20,000 and write it off immediately after legislation passed the Senate. Multiple claims can be made under the program.

Small business has also been redefined for tax purposes as having a turnover less than $10 million, up from $2 million.

Ombudsman Kate Carnell welcomed the changes.

“The instant asset write-off program enables small business to immediately deduct assets costing less than $20,000 instead of claiming deductions over a number of years,” she said.

“This is a welcome incentive for small business to invest, which provides benefits for the broader economy and employment.”

Ms Carnell said anecdotal evidence suggested only a small proportion of eligible businesses were taking advantage of the opportunity.

“I encourage small business operators to invest before June 30 and claim the tax deduction,” she said.

Assets that cost $20,000 or more can't be immediately deducted.

Ms Carnell said small businesses in some industries would generally require assets above the $20,000 threshold.

“Effectively, this means that some industries are disadvantaged,” she said.

“It makes more sense for the threshold to be raised so that all businesses can benefit, upgrade their assets and continue to grow to benefit the economy.

“I will continue to urge the Government to lift the $20,000 threshold because for some industries, like farming, it’s too low for them to purchase equipment.”

www.asbfeo.gov.au

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PARLIAMENT's Joint Standing Committee on Northern Australia will hold public hearings at Airlie Beach and Hamilton Island for its inquiry into Opportunities and Methods for Stimulating the Tourism Industry in Northern Australia on Sunday 25 June and Monday 26 June 2017.

The region recently bore the brunt of Cyclone Debbie and the tourism industry has rebounded and is gearing up for the 2017 season.

The Committee Chair, Warren Entsch MP, said North Queensland has bounced back after Cyclone Debbie and the Committee will be talking to the major tourism operators in the region.

“A wide variety of tourism experiences are offered in the Whitsunday Islands including island resorts and small businesses on the mainland. In the face of extreme weather events, business resilience is key to the success of an industry that is vital to the local economy,” Mr Entsch said.

The Committee will receive evidence from resort operators and small tourism operators on the mainland as well as from the region’s tourism representative bodies.

Public hearing details:

HAMILTON ISLAND: 9.45 am to 1.00 pm, Sunday, 25 June 2017, Ketch Room, Yacht Club, Hamilton Island

AIRLIE BEACH: 9.45 am to 2.35 pm, Monday, 26 June 2017, Mantra Club Croc, Shute Harbour Road, Cannonvale

The hearing will be broadcast live (audio only) at aph.gov.au/live.  

The hearing program and further information about the Committee’s inquiry, including the terms of reference is available on the Committee’s website.

Interested members of the public may wish to track the committee via the website. 

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The Australian Retailers Association (ARA) has commended the NSW Government for delivering a Budget that focuses on infrastructure, while running a surplus in 2016-17.

ARA Executive Director, Russell Zimmerman said the NSW State Budget builds on economic strength for the state, assisting retail sales growth while supporting retail businesses and employment through continued skills funding and tax relief.

“The 2017-18 Budget released today focuses on delivering infrastructure projects that NSW communities need, with long term holes in infrastructure slowly being fixed for the first time in decades,” Mr Zimmerman said.

From January next year, businesses with an annual turnover of less than $2 million will be exempt from paying duties on insurance for work vehicles, professional indemnity and public liability.

The ARA also welcomes the increased support for the Business Connect Programme in helping small businesses to plan and adapt.

“As always, the industry needs the Government to further reduce business taxes to sustain retail growth,” Mr Zimmerman said.

“The tax cuts on business transactions is an important step for retailers making decisions to improve their operations.”

The ARA further congratulates the NSW Government for their $96 million commitment to the Jobs for NSW initiative which ARA members have participated in to stimulate jobs growth across NSW.

Retailers will also welcome stamp duty cuts with exemptions for homes worth up to $650,000, and discounts for purchases up to $800,000 for new homebuyers as these initiatives will stimulate consumer spend.

“These business cuts, along with the homebuyers’ stamp duty cuts will help grow retail spend across the industry,” Mr Zimmerman said.

About the Australian Retailers Association:

Founded in 1903, the Australian Retailers Association (ARA) is the retail industry’s peak representative body representing Australia’s $310 billion sector, which employs more than 1.2 million people. The ARA works to ensure retail success by informing, protecting, advocating, educating and saving money for its 7,500 independent and national retail members throughout Australia. For more information, visit www.retail.org.au or call 1300 368 041.

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RACING Queensland CEO Dr Eliot Forbes has welcomed the decision by The Australian Competition Tribunal to approve the $11 billion combination of Tabcorp and Tatts Group.

The decision was handed down by Justice Middleton of the Australian Competition Tribunal at the Federal Court in Melbourne this morning.

Dr Forbes said the Tabcorp-Tatts combination will deliver for the Queensland Racing Industry.

"This combination provides greater certainty for the racing industry in this state," Dr Forbes said.

“RQ signed a deed of understanding with Tabcorp in March to ensure that the merger would bring meaningful benefits to the Queensland racing Industry.”

As part of the Deed of Understanding Tabcorp committed to an increase in capital investment in the Queensland wagering business (currently UBET) across retail and on-course wagering facilities, as well as committing to implementing increases in investments in technology, sponsorships and marketing.

“The majority of our funding comes from the Queensland wagering business, so this agreement is important to underpin future returns.”

The combined Tabcorp-Tatts business will assist with investment in infrastructure and product and channel innovation to enhance the digital and retail customer experience, driving further growth for Queensland racing.

“RQ is looking forward to working with Tabcorp to grow and enhance the Queensland racing industry,” said Dr Forbes.

www.racingqueensland.com.au

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