A boost for Tasmanian small businesses

Job creation is the Tasmanian Government’s number one priority, and it’s clear that our long-term plan is working with almost 250,000 Tasmanians in work, and more than 13,000 jobs created since we came to office in 2014.

There is always more to do to ensure all Tasmanians benefit from a strong economy, and I welcome initiatives in the Commonwealth Government’s latest Budget, which includes funding to support even more Tasmanian small businesses to succeed.

The 37,300 small businesses that operate in Tasmania underpin our economy. It is crucial both that all levels of government continue to support them, to ensure business confidence remains high, and businesses continue to employ.

The 2019 Federal Budget encourages business investment through a range of initiatives, including increasing the instant asset write-off to $30,000, while expanding access to businesses with a turnover of up to $50 million.

Not only does this incentivise reinvestment into businesses, but this initiative will help further improve cash flow for hard working Tasmanian small businesses.

The Federal Budget also provides $525 million in critical skills area VET funding and $60 million increase in developing export markets.

These initiatives complement the work of the Tasmanian Government, including our Small Business Growth Strategy and the extension of our successful payroll tax scheme and small business grants, which will support the employment of around 4,500 young Tasmanians as apprentices and trainees.

The Tasmanian Government is committed to putting Tasmanian small businesses first, ensuring they can take advantage of a growing economy.

Source: Peter Gutwein, Tasmanian Treasurer