“Creating more jobs and growing the economy is essential to a prosperous Australia as well as a sustainable contracting sector,” says CEO of the National Electrical and Communications Association (NECA) Suresh Manickam.  “We therefore welcome the Growing Jobs and Small Business package – a package of practical measures to help small business invest, hire and grow.  Small business is the engine room of the economy, so this is where the new jobs need to be created.”

Under the initiatives announced last night small business will receive:

• The lowest small business company tax rate in almost 50 years.
• Tax cuts of 1.5% (down to 28.5%) for incorporated small businesses with annual turnover up to $2 million.
• Unincorporated small businesses will get a 5% tax discount, up to $1,000 a year.
• Small businesses can claim an immediate tax deduction for each and every asset purchase up to $20,000 from last night to 30 June, 2017.
• Start-ups will be allowed to immediately deduct professional expenses, providing cash flow benefits.
• Expanding tax concessions for Employee Share Schemes.

“Whilst the Federal Government is also providing incentives for small business to increase their workforce we would also like to see a greater focus on attracting mature-age, female and indigenous apprentices,” said Mr Manickam.  “An additional subject that is right up there amongst our priorities is stamping out non-compliant products.  This is a major issue for our industry and a major theme in our Market Monitor Industry Research due to be released in June,” he added.  “We will continue to lobby Government to build this onto their agenda,” Mr Manickam concluded.