To secure Australia’s recovery, the Morrison Government will continue to support tens of thousands of Bonner’s small and family businesses—the backbone of our community.
As part of the 2021-22 Budget, the Morrison Government will back small businesses by continuing tax incentives which will allow around 20,400 businesses in Bonner to write off the full value of eligible asset they purchase.
Additionally, around 8,200 businesses in Bonner will be able to use the extended loss carry back measure to support cashflow confidence. This has helped businesses invest more in the local economy and create local jobs.
Federal Member for Bonner Ross Vasta MP said supporting local small and family businesses will help to stimulate more economic activity and create more jobs.
“Bonner is home to incredible small and family owned businesses. Backing these businesses, means we are making sure they are able to thrive and keep Australian’s in jobs, which is more important than ever,” said Mr Vasta.
“The support delivered by the Morrison Government is impacting businesses like Chocolate Elements which has just opened in Wynnum. Last week I had the pleasure of dropping in on store owners Phil and Dawn, a couple who have put their heart and soul into starting this delicious business.
“Being a new business, Phil and Dawn are really pleased with the support our Morrison Government is delivering, making sure not only their business, but all existing and future small businesses can feel supported as we recover from COVID-19.”
In more good news, around 1,000 small brewers and distillers across the country will benefit from $255 million in tax relief to support more jobs and investment as part of the Budget, including Wynnum’s Hudson Brewery.
The Morrison Government is committed to assisting local businesses to grow, create jobs and support Australia’s economic recovery.