Business Station welcomes the support shown in the 2022 Federal Budget for Australian small and family businesses.
CEO Colin Jorgensen said a host of small business incentives ranging from tax deductions and reform, to temporary fuel excise relief and targeted assistance for recovery for impaired industries would all help provide immediate relief.
He was pleased to note the government’s longer-term investment in skills and training – small businesses with an annual turnover of less than $50 million will be eligible for a 20 per cent tax deduction on the cost of external training courses.
Mr Jorgensen said an upskilling of staff would help drive productivity, competitiveness and help strengthen the economic position of small businesses. “We have a host of small businesses coming to us to develop their skills in everything from business development and financial management, to making the most of social media and digital marketing. The more effective small business can become, the better it will be for Australia’s overall economic development.”
Mr Jorgensen said an important part of the training package announced by the Government was the three-month extension of the Boosting Apprenticeship Commencement wage subsidy which gives employers 12 months of wage subsidy support, encouraging small business to take on new apprentices. “This is something to which Business Station can facilitate access for our members and is another important step in nurturing small business.”
Mr Jorgensen also welcomed the technology investment boost for small businesses with annual turnover of less than $50 million, which will now have access to a 20 per cent tax deduction for expenses and depreciating assets associated with digital uptake, along with hardware such as laptops and portable payment devices.
Access to reliable internet connection is still an issue for many small businesses so the $480 million to upgrade NBN’s fixed wireless services was pleasing.
The Budget had allocated funding for a host of other improvements that will benefit small business aimed at improving bureaucratic efficiency and reporting and advice. This included changes to PAYG tax and a commitment to reducing associated red tape which will give flow support to small and family businesses.
The COVID recovery support for tourism, the arts sector, and small and medium export businesses to help re-establish their businesses in overseas markets will also help many small businesses.
Mr Jorgensen said that sadly Business Station was seeing an increased demand for mental health training, but it was reassuring to see the Federal Government had renewed funding for a critical mental health program tailored to small business owners.
An additional $4.6 million in funding will ensure Beyond Blue’s New Access for Small Business Owners program can expand and continue to assist small business owners who need mental health support.
For more information on small business benefits from the Budget contact [email protected]