Monday, June 17, 2024

New small businesses on the rise

New figures show the number of small businesses in Australia has increased by more than 21,500.

Minister for Small Business and Assistant Treasurer Kelly O’Dwyer says the latest figures from the Australian Bureau of Statistics are encouraging, as more Australians are having a go.

“This is the second consecutive year the number of small businesses has increased,” she said. “The Turnbull Government’s focus on ensuring Australia is the very best place to start and grow a small business is paying dividends.

“In the last financial year, the number of small businesses continued to climb well above the two million mark, representing an increase of 21,583 on the previous year. Australia’s economic growth is driven by the hard work and entrepreneurship of Australian businesses and their employees.

“The Turnbull Government continues to make significant inroads to help businesses and job creators to thrive and drive the economy forward.

“We have recently announced the first Small Business and Family Enterprise Ombudsman Kate Carnell, who will commence her role in coming weeks.

“In December, the Government unveiled its innovation package including the implementation of Australia’s first crowd-sourced equity funding [CSEF] framework. The CSEF Bill is currently in the Parliament.”

Key measures of the Government’s $5.5 billion Growing Jobs and Small Business package include:

  • The ability for start-ups to immediately deduct professional expenses for starting their business.
  • 5 per cent small business company tax cut.
  • Five per cent tax discount for unincorporated small businesses.
  • No capital gains tax liability for changing business structure without changing owner.
  • $20,000 instant asset write-off for small businesses.

“We are committed to supporting small businesses now and in the future,” Ms O’Dwyer said.

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