In a pledge to help small businesses and manufacturers weather the mining and resources boom that has caused the rising dollar and skills shortage, the government has introduced a series of new spending and tax cuts:
- In 2012 – 2013, small business owners can claim up to $5,000 as extra deduction on new car, ute or van purchase.
- In 2012 – 2013, small business owners can have an instant write-off of all assets costing less than $5,000, in the budget’s attempt to boost cash flow.
- $34.4 million funding to help manufacturers extract more value from the looming wave of resources investment.
- Government will introduce the “Buy Australian at Home and Abroad” program, which will provide specialist advisors to help businesses expand as suppliers to resources projects.
Visit Budget 2011-12 website for details on Federal Budget 2011.