Federal Treasurer Scott Morrison’s continuation of company tax cut policies and supporting asset purchases has proved popular with Ballarat businesses.
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Now all businesses with turnover under $10 million a year will pay 27.5 per cent in company tax from July 1, down from 30 per cent.
Western Hotel owner Dan Cronin said the tax change is a “positive step” for local businesses.
“That’s certainly a positive step for small business owners,” he said.
“A lot of them struggle to pay rent and this certainly as an incentive to start a small business with a few less handbrakes.”
Details of the changes were released before the budget, and also open up the the instant asset write-off up to $20,000 to all small businesses, incorporated or not.
Commerce Ballarat chairman David Wright said the changes – applying to businesses with a turnover of up to $10 million – would benefit Ballarat.
“If you’re looking at the big end of town paying for this, this should give some tax relief to regionally centred business,” he said.
