Budget boost for Queensland small businesses

Queensland small businesses are set to benefit from a range of measures announced in the 2015 Federal Budget, a leading industry group stated.

Chamber of Commerce and Industry Queensland (CCIQ) said it was delighted with the fiscal guidelines, which federal Treasurer Joe Hockey unveiled on Tuesday (May 12).

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CCIQ Director of Advocacy Nick Behrens said he could not recall such a small business-friendly Budget in over two decades, predicting company confidence levels would soar.

“This Federal Budget will materially benefit the state’s 403,000 small businesses that employ more than 1 million Queenslanders,” he explained.

“When coupled with the range of stimulus measures, small business is obviously the biggest winner from this Budget.”

The government’s flagship policy was the $5.5 billion Growing Jobs and Small Business Package. To receive comprehensive legal advice on how the Budget could affect your organisation, contact expert commercial lawyers in Brisbane for more information.

Meanwhile, here are some of the pledges made in the Budget that are expected to benefit small businesses:

  • Corporate tax reduction from 30 to 28.5 per cent for enterprises with annual turnover below $2 million
  • The ability to change legal structure of the business without incurring capital gains tax
  • Easier access to capital for growth through crowd-sourced equity funding
  • Deduct professional costs for starting up a company immediately rather than writing them off over a five-year period
  • Write-off mechanism for assets worth up to $20,000 until July 2017
  • 5 per cent tax discount for unincorporated enterprises with revenues of less than $2 million

“This Budget, in our view, strikes the right balance in trimming government spending, but also in securing sensible tax reform and, in turn, economic growth and job creation,” said Mr Behrens.

Given the positive environment predicted for small companies over the next few years, business leaders will no doubt have one eye on growth plans. If so, make sure to seek legal guidance on commercial arrangements before committing to a strategy.