Federal Member for Bonner, Ross Vasta, today said the new $5.5 billion Growing Jobs and Small Business package will help small businesses in Bonner invest more, grow more, and employ more.

“This package will help employers in Bonner to create jobs and assist Australia’s unemployed, particularly unemployed youth, to build the skills to get into work,” Mr Vasta said.

“This is the biggest small business initiative in our nation’s history.”

Mr Vasta said at the heart of the Growing Jobs and Small Business package are tax cuts for over 2 million Australian small businesses to help drive investment and employment across our economy.

The 2015 Budget delivers $3.25 billion in tax cuts for small business and $1.75 billion in accelerated depreciation measures, in addition to the benefits Australian small businesses are gaining from the abolition of the carbon tax:

• From 1 July 2015, the Government will cut the company tax rate for up to 780,000 incorporated businesses with annual turnover up to $2 million by 1.5 percentage points to 28.5 per cent;

• From 1 July 2015, the Government will also provide a 5 per cent tax discount for over one and a half million sole traders, trusts and partnership structures which are unincorporated businesses with annual turnover up to $2 million, capped at $1,000, through their end of year tax return; and

• From 7:30pm tonight until 30 June 2017, small businesses with turnover below $2 million can claim an immediate tax deduction for every asset they acquire that is valued up to $20,000 for tax purposes—a substantial increase from the previous $1,000 threshold.

Mr Vasta said small businesses in Bonner will have the lowest company tax rate for public and private companies since 1967.

The Growing Jobs and Small Business package also includes measures to reduce the red tape and regulatory impediments that hinder small business growth:

• Changes to the Fringe Benefits Tax (FBT) system will expand the FBT exemption for work related portable electronic devices;

• Reforms to Capital Gains Tax (CGT) rollover will enable small businesses to change the legal structure of their business without incurring a CGT liability; and

• The Government will consult on potential changes to the Corporations Act to reduce compliance costs and make it easier for small proprietary companies to raise new capital.

The Growing Jobs and Small Business package will encourage business start-ups and entrepreneurship:

• Start-ups will be able to immediately deduct professional expenses incurred when they begin a business, such as legal expenses on establishing a company, trust or partnership, rather than writing them off over five years. This will provide immediate cash flow benefits for small businesses;

• Streamlined business registration processes will make it quicker and simpler to set up a new business. A single online registration site will be developed for business registration including company registration;

• The Government will remove obstacles to crowd-sourced equity funding to help promote small business access to finance by increasing the availability of innovative sources of funding; and

• From 1 July, expanded tax concessions for Employee Share Schemes will make it easier for small start-up companies to attract and retain the skills and talent they need to grow.

These measures will help encourage investment, innovation and the start-up of new businesses, which will help Australia’s economic future.

Mr Vasta said the Growing Jobs and Small Business package will also help employers to take on inexperienced and mature workers.

In the first eighteen months of the Government, around a quarter of a million new jobs were created–but there is more work to do.

“New measures will focus on making job seekers more employable, reducing the costs of taking on new staff, and bringing job seekers and job providers together,” Mr Vasta said.

The Government is investing $6.8 billion to establish jobactive to improve the quality of services delivered to job seekers and employers. The new jobactive system will be focused on results and reward performance not process.

There will be a $1.2 billion pool for wage subsidies to support employers to provide job opportunities and assist job seekers into work.

The Government will also deliver a $331 million Youth Employment Strategy, an $18 million National Work Experience programme, and changes to Restart to make it easier for small businesses to receive Government support when they employ older workers.

“The Government’s Growing Jobs and Small Business package will create the right conditions for Australian small businesses to thrive and grow,” Mr Vasta said.

Further details on the Government’s Growing Jobs and Small Business package can be found at www.budget.gov.au.

Young job seekers in Bonner will have new opportunities to secure a job as a result of the Coalition Government’s Growing Jobs and Small Business package announced in the 2015 Budget, Federal Member for Bonner, Ross Vasta said today.

Mr Vasta said young Australians need the right assistance and encouragement to learn new skills, become job ready, get a job and stay in a job.

“The $5.5 billion Growing Jobs and Small Business package will assist employers in Bonner to employ young Australians,” Mr Vasta said.

“It delivers incentives targeted to employers and young job seekers transitioning from school to work.”

“New measures will focus on making job seekers more employable, reducing the costs of taking on new staff, and bringing job seekers and job providers together.”

“Through the $1.2 billion national wage subsidy pool, eligible employers will receive up to $6,500 if they hire an eligible young job seeker under 30 years of age.”

“The Government will also deliver a $331 million Youth Employment Strategy.”

“The Youth Employment Strategy includes a $212 million Transition to Work programme to help disengaged young people aged 15 to 21 years old become job-ready. This programme will commence on 1 January 2016.”

Eligible young job seekers will receive intensive support from community-based organisations with expertise in helping young Australians to develop the work-related skills employers want and need.

The programme will target young people who are either not in the workforce or who are at risk of disengaging from the workforce.

The Transition to Work programme will be supplemented by $106 million for intensive support to vulnerable young people most at risk of long-term unemployment, including migrants, parents and those who experience a mental illness.

Mr Vasta said the Government will establish an $18 million National Work Experience programme for around 6,000 job seekers annually, particularly young people, allowing them the chance to develop practical skills, gain workplace experience, and better connect them with real jobs.

“From 1 October 2015, eligible job seekers will be able to volunteer to undertake work experience in businesses for up to 25 hours per week for four weeks,” Mr Vasta said.

“Participants will continue to receive their income support payment and a supplement to assist with the costs of participation.”

Employers who go on to offer a young person paid employment can receive a wage subsidy of up $6,500 over 12 months.

The National Work Experience programme will work in tandem with new wage subsidy arrangements for employers.

A $14 million Early School Leaver programme will improve educational outcomes and employment prospects for those who have not completed high school, by ensuring they are either looking for work or studying.

Bonner families will benefit from the Abbott Government’s new Child Care Safety Net, which will provide more support for disadvantaged or vulnerable children to access early childhood learning and child care, Federal Member for Bonner, Ross Vasta said today.

“As a part of the Abbott Government’s Jobs for Families Child Care package, the Government is investing an additional $327.7 million from 2015-16 to provide targeted support to disadvantaged or vulnerable children, whether they be children with disabilities, children at risk of abuse, children from families on incomes under $65,000 or families facing financial risk,” Mr Vasta said.

“The additional investment means the Government will spend $869 million to support those children and families who need it most.”

“Importantly, getting children into early childhood learning improves a family’s ability to break a cycle of poverty and intergenerational welfare dependence. This is one of the most effective early intervention strategies available.”

“Existing programmes that support disadvantaged and vulnerable families are complex, inefficient, poorly targeted and open to abuse and will be replaced by an Inclusion Support Programme, Community Child Care Fund and Additional Child Care Subsidy.”

“The new $409 million Inclusion Support Programme, beginning in July 2016, will provide more funding for services to get the necessary skilled staff and equipment to support children with additional needs.”

“Assistance under the Additional Child Care Subsidy, worth $156 million, will minimise barriers to early development and workforce participation. It will offer a top up subsidy for child care to assist children at risk of serious abuse or neglect, irrespective of family income or activity tests, short term financial support for families in temporary financial hardship, and a higher capped subsidy for families transitioning from income support to work and undertaking study or training.”

“The $304 million Community Child Care Fund (CCCF) will support services to reduce current barriers to accessing child care, such as support for disadvantaged communities and low income families in high child care cost areas.”

“$20 million of the CCCF will be targeted to the integration of child care, maternal and child health, and family support services in a number of disadvantaged Indigenous communities, as recommended in the Forrest Review.”

“More than $200 million in additional funding will now also be delivered in the mainstream Child Care Subsidy to expand support to families.”

“Today’s announcement demonstrates the Abbott Government’s commitment to ensuring all Australian families like those in Bonner, regardless of circumstance, can access high quality and affordable child care,” Mr Vasta said.

Federal Member for Bonner, Ross Vasta today said the 2015 Budget delivers a $4.4 billion Jobs for Families package to give parents more choice and opportunity to work.

“The 2015 Budget delivers on the Government’s commitment to support families by making child care simpler, more affordable, more flexible, and more accessible,” Mr Vasta said.

“We know families are faced with costs when parents want to return to the workforce. This package gives families greater choice.”

“Having two parents in paid employment has become a necessity for most families because of changes that have taken place in our society and economy over many years. All mothers work hard, and many are also in paid employment.”

“The Government will invest an additional $3.5 billion over five years reforming child care assistance to establish a new and simpler Child Care Subsidy from 1 July 2017.”

“The Child Care Subsidy will provide assistance to meet the cost of child care for parents who are working, looking for work, training, studying or undertaking any other recognised activity such as volunteering.”

“Families using child care in 2017 on family incomes of between $65,000 and $170,000 will be around $30 a week better off. Those on higher incomes will, on average, will continue to receive the same level of support.”

The 2015 Budget is a ‘have a go’ Budget that will help local families and small businesses, Federal Member for Bonner Ross Vasta said today.

“The big winners in this Budget are families and small businesses,” Mr Vasta said.

“This Budget will deliver jobs, growth and opportunity in a way that is responsible, measured and fair.”

“It is the next step in the Coalition Government’s long-term economic plan to build a stronger, safer and more prosperous future for all Australians.”

“We all know there are economic challenges – yet because of the economic management of the Abbott Government, Australia’s economic and Budget position has improved.”

“Our economic plan is working. Economic growth is up; jobs are up – nearly 250,000 new jobs since the election and retail sales are at record levels – as are new dwelling approvals.”

“Deficits over the forward estimates are reducing each and every year from $35.1 billion in 2015-16 to $6.9 billion in 2018-19. Importantly, our timetable back to a Budget surplus is unchanged from last year.”

Bonner is getting a boost from the Commonwealth Government’s record $50 billion investment in road and transport infrastructure.

The Budget is the next step in the Government’s responsible, long-term economic plan to build a strong, safe and prosperous future for all Australians.

Through our nationwide infrastructure programme, the Government is creating thousands of jobs, reducing travel times and boosting economic growth nationwide.

This means that overall the Commonwealth’s investment in Queensland’s infrastructure will be $13.4 billion including $1.6 billion in 2015-16.

Federal Member for Bonner, Ross Vasta MP said that the funding would support much needed infrastructure projects throughout the electorate.

“These projects will create job opportunities, boost our local economy and make our roads safer for motorists and other road users,” Mr Vasta said.

Mr Vasta said that the following projects in the Bonner electorate would receive a portion of the Government’s 2015-16 Budget funding including:

Black Spot Programme

• Gaza Road Messines Ridge Road, Holland Park West – $1,025,000

• Messines Ridge Road South East Arterial Road Ramp, Holland Park West – $678,000

Roads to Recovery

• Brisbane City Council – up to $16.17 million

The Government also recommitted its support for $70 million funding for the Gateway Motorway South (Mt Gravatt-Capalaba Road to the Pacific Motorway) project.

“This is more good news for Bonner,” Mr Vasta said.

The Government is building the world-class infrastructure that our community needs. These projects will deliver a modern transport network locally and unlock the economic capacity of Bonner.”

The infrastructure package contained in the Budget is about driving economic productivity, growth and jobs for a stronger future for Australia.

Further information can be found at http://investment.infrastructure.gov.au/projects/.