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Federal Budget: What’s in it for Manufacturers?

May 11, 2011 • News

The Federal Budget 2011 in a nutshell, is about returning to a surplus of $3.5 billion by 2012-2013. So, how will the budget affect small businesses and manufacturers?

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.

Image: Suat Eman / FreeDigitalPhotos.net

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