A strong focus on regional Australia in this year’s Federal Budget will provide a secure and strong platform for small business, farmers and rural communities in the Parkes electorate according to the Federal Member, Mark Coulton.
The government aims to encourage investment and spending.
A number of measures to encourage investment in farm infrastructure projects that may result in energy and water efficiency gains, additional cost savings and productivity improvements for growers were announced.
From July 1, 2015, these include: Small business tax deductions for any individual asset purchased at a cost less than $20,000 – up from $1000.
A reduction in the company tax rate from 30% to 28.5% for incorporated businesses, and a 5% tax cut for unincorporated businesses for companies and businesses with an annual turnover of less than $2 million to encourage cash flow and free-up financial resources for continued business investment and growth.
And from July 1, 2016, the measures will include: Depreciation of capital expenditure on fencing and water facilities such as dams, tanks, bores, irrigation channels, pumps, water towers and windmills.
Depreciation measures over three years for all capital expenditure on fodder storage assets, such as silos and tanks.
Mr Coulton has lauded the Budget and said it will provide many opportunities for jobs and growth throughout his electorate.
“The 2015 Budget is a ‘have a go’ Budget that will help local families and small businesses,” he said.
“The big winners in this Budget are families and small businesses.
“This Budget will deliver jobs, growth and opportunity in a way that is responsible, measured and fair.
“It provides a clear direction for the people of Western NSW and it will make life easier for everyone to have a go,” Mr Coulton said.
A highlight of this Budget is the new $5.5 billion Growing Jobs and Small Business package which will help small businesses invest more, grow more, and employ more, he said.
“The measures in this package will help encourage investment, innovation and the start-up of new businesses, which will help Australia’s economic future.
“Small businesses are the driver of our economy and they play a significant role in the growth that needs to happen across Australia.”
The Growing Jobs and Small Business package will also help employers to take on inexperienced and mature workers.
“New measures will focus on making job seekers more employable, reducing the costs of taking on new staff, and bringing job seekers and job providers together,” Mr Coulton said.
A further highlight of the Budget is the Government’s commitment to support families by making childcare simpler, more affordable, accessible and flexible.
The Government is delivering a $4.4 billion Jobs for Families package to give parents more choice and opportunity to work.
“This is good for families and good for the economy,” Mr Coulton said.
In addition to the $333 million announced at the weekend, the Government will provide $70 million to assist primary producers claim accelerated depreciation for water facilities, fodder storage and fencing from 1 July 2016.
“These initiatives will provide a much needed boost for the thousands of farmers in my electorate, many of whom are still battling with one of the most severe droughts in history,” Mr Coulton said.
He said the continuation of the Government’s $50 billion infrastructure program including the Investment Road and Rail Programme, the National Highway Upgrade Program, the Heavy Vehicle Safety and Productivity Program and the Bridges Renewal Program will provide many benefits in Parkes electorate. “Added to this, funds through the Black Spot Programme and the Roads to Recovery Programme will continue to improve the safety of the roads in Western New South Wales,” Mr Coulton said.