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Last chance for Australia's small businesses to take advantage of Labor's assistance



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THE HON BERNIE RIPOLL MP SHADOW MINISTER ASSISTING THE LEADER FOR SMALL BUSINESS MEMBER FOR OXLEY

MEDIA RELEASE

LAST CHANCE FOR AUSTRALIA’S SMALL BUSINESSES TO TAKE ADVANTAGE OF LABOR’S ASSISTANCE

Shadow Minister Assisting the Leader for Small Business, Bernie Ripoll, said the last chance is fast approaching for Australia’s small businesses to take advantage of Labor’s Instant Asset Write-Off and Deductions for Motor Vehicles.

“Yesterday we saw the Government introduce legislation that rips away support for Australia’s small businesses, Mr Ripoll said.

“The Government’s legislation sets out that the deadline for Labor’s small business assistance is January 1 2014.

“My advice to Australia’s small businesses is clear, if you were considering buying equipment for your business, the time to act is now.

“If your business needs a vehicle, act now before Tony Abbott rips away Labor’s assistance.

“Before the election the Coalition talked and talked about how much they value small business. Australia’s small businesses are learning that when it comes to this Government, what you get is not what you voted for.”

The Abbott Government is legislating to repeal the increase in the small business instant asset write-off threshold. The existing Labor policy allowed for the immediate write off of (each) asset costing less than $6,500. The new legislation changes the threshold for the cost of (each) asset to $1,000.

The legislation also repeals the special deduction in respect of motor vehicles for small business entities. Under Labor, small businesses could claim up to $5,000 as an immediate deduction for motor vehicles, new or used, costing $6,500 or more.

Small businesses across Australia are starting to feel the impact of the Coalition’s cuts.

FRIDAY, 15 NOVEMBER 2013

MEDIA CONTACT: CHRIS RAMSAY 0430 009 434