ATA: budget delivers for small business
The Australian Trucking Association says the Federal Budget should come as good news for thousands of trucking businessesMore than 45,000 trucking businesses will benefit from the small business tax changes announced in the Federal Budget unveiled yesterday, says the Australian Trucking Association's Chief Executive, Chris Melham (pictured).
The Budget confirms the Government will reduce the company tax rate for small businesses with a turnover of less than $2 million per year from 30 per cent to 28.5 per cent. Individuals who receive a business income from an unincorporated small business with a turnover of less than $2 million per year will be able to claim a tax offset of up to $1000.
Small businesses with a turnover of less than $2 million per year will get an immediate tax deduction for every individual asset they buy costing less than $20,000. The immediate tax deduction will be available until 30 June 2017.
Mr Melham said the trucking industry would particularly benefit from these measures.
"There are almost 49,000 trucking businesses in Australia," he said.
"More than 45,000 come in under the $2 million turnover threshold announced by the Government.
"These small businesses operate on tight margins, and the ATA welcomes this reduction in their tax burden."
Tags
Please see our Editorial Guidelines & Code of Ethics (including for more information about sponsored content and paid events). The information published on this website is of a general nature only and doesn’t consider your particular circumstances or needs.