Tax cuts will give small regional businesses a break
SMALL businesses in Dalby and around the region are welcoming the tax cuts passed through Parliament last week.
Under the Federal Coalition Government, businesses with a turnover of less than $10 million a year will now be classified as small businesses and will have tax lowered from 30 to 27.5 per cent from this financial year.
Those businesses now classified as small businesses will also qualify for the instant asset write-off benefit of up to $20,000.
Minister for Regional Development Fiona Nash has welcomed the tax cuts.
"Small business is the backbone of regional economies,” Minister Nash said.
"In rural, regional and remote Australia, the butchers and bakers, the farmers and stock feed businesses, the corner store and newsagents are the lifeblood of our economy.
"They're essential for regional development,” she said.
Mark Murphy, owner of Brumby's Bakery Dalby, welcomed the the tax cuts saying it was an opportunity for small businesses in the region.
"For me the tax cuts make our business more viable,” Mr Murphy said.
"The bigger retailers are able to make bread and milk cheap as chips, so with a little more money we can keep our prices down and employ more staff.”
Mr Muphy said he was not sure if the new tax cuts would have a huge effect on the economy, but hoped it would at least help smaller communities.
"A lot of businesses around here are doing it tough, because wages are always going up and expenses are also rising, so we are hoping this eases the stress a little,” he said.