201505.20

Transcript – Doorstop with PM and Craig Laundy


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Tuesday 19 May 2015:

E&OE………………………………………………

Subjects: Budget 2015 – small business package.

MINISTER BILLSON:

Prime Minister, thank you for those kind words and on behalf of Australian small business men and women, thank you and Joe and the team for finding the Budget space to be able to not only repair the Budget but to put a much needed boost into those enterprising men and women- the engine room of our economy, that is our small businesses and family enterprises.

As I have travelled around the country talking with small businesses right along the East coast and further beyond the in the days to come, there is a positivity in the air Prime Minister, an optimism, a can-do atmosphere has been re-energised as a result of this Budget.

Small business knows we have to repair the Budget but we also have to put back into their sails the wind and the momentum to get amongst it, to have a go, to see an opportunity, to have an ambition and to turn that into action that creates jobs and growth in our economy and better incomes and better quality of life for the future.

That is what this Budget has done. It is not just the tax incentives that are there for the instant asset write off, or the tax relief and tax cuts for those earning an income.

It is about support to start a business, to transform it if that is needed.

Employee Share Schemes, crowd source equity funding, all of that is something I know that aircraft wants to hear more about…..

[aircraft noise above]

Now is that an aircraft or the roar of small business saying ‘Thank goodness we have got a Government that is the best friend small business has had!’

We are an ally and an advocate, we celebrate success, we encourage entrepreneurship. One of the great things that has come out of this Budget – everyone is talking about small business, as they should! It is the engine room of our economy.

Now, I know even for some young people, they are wandering what is this about? Maybe this is an ambition I want to pursue in my life- that is great for our country.

A Budget that energises enterprise, that is what we have delivered and I encourage small business men and women to grasp this opportunity and the support the Government is giving to have a go, to grow and prosper and to do what they do best.

That is to add fabric and opportunity to communities’ right across our economy, right across our nation.

{ends}

QUESTION:

Minister, can I ask you a question about the GST on the small access instant write off? Is that included in the $20,000?

MINISTER BILLSON:

If you are registered for GST, not it is not. If you have a turnover under $75,000 and you are not registered for GST, yes it is.

So for the vast bulk of our businesses that $20,000 excludes the GST adjustment. There has been some good information in the paper about that and the Tax Commissioner has provided some guidance and that carries forward what has been the case in our tax system for some time.

QUESTION:

Do you expect the legislation to actually get through before June 30 so that the small businesses aren’t taking a risk spending $20,000 before June 30?

MINISTER BILLSON:

Yes I do, we are working very hard to get that legislation into the parliament next week. Amongst the blunder and the blah blah we got from the Opposition, somewhere amongst it was an indication that they would support this package.

They had some other thought bubbles – we can discuss those another day – but the message to the Opposition is do the right thing by the small business community, get behind this measure, pass the legislation, provide certainty and help this Government energise enterprise and I am optimistic all of that legislative process will be well concluded before the end of this financial year.

QUESTION:

Has Labor given you any guarantee already that they’re going to support that legislation?

MINISTER BILLSON:

Well there has been – not me personally – there has been varying media reports saying that they like what we have done. They have had some thoughts about what else they might like to do.

Our message is: let us get done what we can get done. The Government has provided the Budget capacity, we have got a clear plan, we want to implement it, small businesses are cheering on the Government for its work and encouraging the parliament to act as decisively as we have and that is my message to the Opposition.

Let us get on with this, make sure we can implement it and provide that catalytic boost to small business that has been so welcomed since the announcement of the Budget.