Small business asset write-offs are ‘private sector stimulus’: Tony Abbott | SMH

Tony AbbottThe Hon. Tony Abbott MP Federal Member for Warringah Prime Minister from 18.9.13 to 15.9.15’s Liberal government, far from fixing the deficit as one of its “fundamental” election promises and repairing the “budget emergency” left by the previous Labor government, will preside over government spending of 26.2 per cent of GDP for the next fiscal year. The last time government spending was as high was in 1996-97.

Prime Minister Tony AbbottThe Hon. Tony Abbott MP Federal Member for Warringah Prime Minister from 18.9.13 to 15.9.15 has described the $20,000 asset write-offs for small business as a “private sector stimulus” and the recent budget as “the best ever for small business”.

As of last week’s budget small business turning over less than $2 million will be able to write-off assets worth up to $20,000 against their tax obligations until 2017.

There is no limit to how many assets a small business can buy and write-off in one financial year. Small business will also benefit from a 1.5 per cent tax cut from July this year. The combined measures will cost more than $5 billion over four years.

Mr Abbott described the policies as a “private sector stimulus” while addressing the Queensland Chamber of Commerce in Brisbane on Wednesday. Via smh.com.au

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