THE HON. GREG HUNT MP
Federal Member for Flinders
Minister for Health and Aged Care
THE HON. JOSH FRYDENBERG MP
Federal Member for Kooyong
The Morrison Government is continuing to secure the Mornington Peninsula and Australia’s recovery from COVID-19 with key measures enacted since the start of July to create more jobs, rebuild our economy and set the Mornington Peninsula and Australia up for the future.
Since the beginning of July the Morrison Government has:
- Extended its temporary full expensing and temporary loss carry-back measures beyond this financial year;
- Cut small and medium sized businesses tax rates from 26 to 25 per cent;
- Increased the tax discount rate for unincorporated small businesses like sole traders from 13 to 16 per cent (up to the existing cap of $1,000); and
- Expanded access to a range of tax concessions, raising the threshold from $10 million to $50 million, to provide tax relief and reducing red tape for eligible businesses
Federal Member for Flinders, the Hon Greg Hunt MP said that these tax cuts and incentives during this pandemic will help businesses moving forward.
“The Mornington Peninsula has always been home to so many fantastic small and medium businesses that make up the heart of our communities,” Minister Hunt said.
“This pandemic has hit many of these businesses hard and increased their challenges significantly, so it’s vital that they receive the tax relief and support they need with as little red tape as possible to keep our economy moving forward.”
“Whether you’re a tradie in need of a bigger ute or a café in need of better equipment, I encourage all small and medium sized business’s around the Mornington Peninsula to take advantage of the instant-asset write-off measures.”
“With over 1 million jobs created and unemployment falling below 5 per cent this year, it is clear that the Morrison Government’s economic plan for Australia is working.”
The extension of the instant asset write-off measures beyond this financial year is expected to allow 99 percent of businesses employing 11.5 million Australians to deduct the full cost of eligible depreciable assets of any value in the year they were installed until the 30th of June, 2023.
Additionally, the extension of the instant asset write-off is estimated to boost GDP by around $7.5 billion in 2021-22 alone and create an around 60,000 jobs by the end of 2022-23.
For further information on these initiatives, visit: