Australia’s 370,000 small and medium building businesses will benefit from this week’s Federal Budget, according to Denita Wawn, CEO of Master Builders Australia.
“The Budget delivers on a range of measures that Master Builders has called for that will support our members’ business success,” Ms Wawn said. “There are more SMEs in the building and construction industry than any other sector in the economy so we applaud the Government for listening.”
Ms Wawn added that reducing the tax burden on households and small business is good for the economy and for the building industry as well.
“People may decide to renovate their kitchen sooner or buy their first home faster. It’s great news for the many small builders that are sole traders. They will join those who benefit from small business company tax cuts in getting tax relief.”
The organisation also believes that the increase in the small business tax discount rate from five per cent to eight per cent means that SME builders can write-off their assets faster.
“The $20,000 instant tax write-off has been a proven winner with business builders and tradies since it was first introduced, and Master Builders welcomes its extension for another year,” Ms Wawn said.
Cutting the regulatory compliance burden on business is one of Master Builders’ top priorities. It has also welcomed the announcement that the Government’s National Partnership on Regulatory Reform will provide $300 million to reward States/Territories that reduce regulatory restrictions on competition, particularly those on small business.