From July 1 2020, more than 17,000 small and family businesses in Bonner will be paying less tax as a result of legislated tax cuts passed by the Morrison Government.

As the 2020-2021 financial year begins, incorporated small and family businesses with a turnover of less than $50 million will see their company tax rate reduced from 27.5 per cent to 26 per cent.

Unincorporated businesses will also benefit as the rate of the small business income tax offset increases from 8 per cent to 13 per cent.

The changes mark the next stage of the Morrison Government’s accelerated small business tax cuts, legislated in October 2018, which brought forward tax relief for small and medium businesses by five years.

Minister for Employment, Skills, Small and Family Business Michaelia Cash said this was a big win for the small business sector.

“Small businesses are the backbone of our economy and with 3.5 million small businesses across the country, they are a vital part of our COVID-19 recovery,” Minister Cash said.

“As COVID-19 health restrictions ease and the economy re-opens, this tax relief will support Australian small and family businesses to bounce back stronger and get to the other side of this crisis.”

Federal Member for Bonner Ross Vasta MP said bringing forward these tax cuts would be a shot in the arm for hard working small and family businesses in Bonner.

“At a time when they need it most, these tax cuts will lead to more investment, increased employment opportunities for Australians and helping small business owners keep more of their money,” Mr Vasta said.

Treasurer Josh Frydenberg said these legislated tax cuts would provide further support to small business during the COVID-19 crisis.

“The Coalition Government has delivered extensive support for small and medium sized businesses during the COVID-19 crisis,” Minister Frydenberg said.

“We have extended the Instant Asset Write Off to $150,000 for another six months, are providing the Cash Flow Boost of up to $100,000 for employing small businesses, and are boosting access to capital through our COVID-19 SME Guarantee Scheme.

“This is in addition to the extensive income support JobKeeper, JobSeeker, and our Supporting Apprentices & Trainees wage subsidy are providing to support small businesses and sole traders across Australia.”

The Morrison Government continues to back small business with the announcement it will extend the $150,000 instant asset write-off for six months to December 31, 2020.

Federal Member for Bonner Ross Vasta MP said this meant businesses with annual turnover of less than $500 million would be able to take advantage of the extended timeframe to invest in assets to support their business.

“As the economy reopens and coronavirus health restrictions continue to be eased, these measures will support over 3.5 million businesses nationally, employing more than 9.7 million employees,” Mr Vasta said.

“They are designed to support businesses to stick with the investment they had planned and encourage business to bring investment forward to support economic growth over the near term.”

The instant asset write-off also helps to improve cash flow for businesses by bringing forward tax deductions for eligible expenditure.

The threshold applies on a per asset basis, so eligible businesses can immediately write-off multiple assets provided each costs less than $150,000.

Mr Vasta said the extension of the instant asset write-off was great news for local businesses in Bonner, giving them additional time to acquire and install assets, as they now had until the end of the year.

“Assets can be new or second hand and could include for example a truck for a delivery business or a coffee machine for a cafe,” Mr Vasta said.

“Hardworking Australian businesses can rest assured the Morrison Government will do all that is necessary to support them to bounce back stronger and get to the other side of this crisis.

“Local business are the lifeblood of our economy and I want to do everything I can to assist them through this difficult time.”

Australians will now be reunited with the superannuation they are owed but have not yet been paid after the Morrison Government this week passed new legislation to encourage employers to do the right thing.

Federal Member for Bonner Ross Vasta MP said the government had implemented a one-off amnesty for historical underpayment of superannuation to incentivize employers to come forward and do the right thing by their employees.

“This policy will reunite hardworking Australians with their super by offering employers amnesty to come forward, admit the error and pay any unpaid super in full,” Mr Vasta said.

“The amnesty will make it easier for workers to secure the super they are owed by not hitting employers with the penalties usually associated with late payment.”

Assistant Minister for Superannuation, Financial Services and Financial Technology Senator Jane Hume said they anticipate at least $160 million of super will be paid to Australian workers who would otherwise miss out.

“Since the one-off amnesty was originally announced back in 2018, over 7000 employers have already come forward to voluntarily disclose historical unpaid super,” Assistant Minister Hume said.

“We estimate an additional 7000 employers will come forward in the next six months before the amnesty ends. Employers will not be off the hook.”

To use the amnesty, employers must still pay all super owed to their employees, including the high rate of interest.

If employers do not take advantage of the amnesty, they will now face significantly higher penalties when they are caught – in general, a minimum 100 per cent penalty on top of the SG shortfall they owe, and up to 200 per cent for the most serious cases.

In addition, throughout the amnesty period the ATO will still continue its usual audit and enforcement activity against employers for historical obligations they do not own up to voluntarily.

The Amnesty will expire six months after the day the Bill receives Royal Assent.

The amnesty complements recent changes to the superannuation system to improve the visibility employees have over their superannuation.

“We encourage employers to check they don’t owe outstanding super – and if they do, to take advantage of this once-only opportunity to set things right before much tougher penalties apply,” Assistant Minister Hume said.

“Together, these measures reflect the Morrison Government’s ongoing commitment to reuniting Australians with lost and unpaid super.”

Registrations are closing soon for an Australia-wide roadshow to give local businesses the opportunity to be part of the Army’s biggest project – LAND 400.

Federal Member for Bonner Ross Vasta MP said the LAND 400 Phase 3 Mounted Close Combat Capabilities Roadshow was coming to Brisbane and would be a great opportunity for local industry to pitch their capabilities to shortlisted tenderers.

“Land 400 Phase 3 will acquire and support up to 450 Infantry Fighting Vehicles to replace the M113 Armoured Personnel Carriers and up to 17 Manoeuvre Support Vehicles,” Mr Vasta said.

“I encourage local companies in my electorate of Bonner not to miss out on the chance to speak directly to Defence and the Land 400 Phase 3 tenderers about how they can support the project.”

Defence will conduct the Roadshow in March and April 2020 with the two shortlisted tenderers, Hanwha Defense Australia and Rheinmetall Defence Australia, to facilitate opportunities for Australian industry involvement in the project.

The Roadshow will be coming to Brisbane the Sunshine Coast and Townsville in the week commencing Monday, March 9.

“This is the time to highlight to Hanwha and Rheinmetall some of the fantastic small businesses we have here in Bonner,” Mr Vasta said.

Registrations to participate in the Roadshow close February 21, 2020.

For more information and to register, visit www.defence.gov.au/CASG/EquippingDefence/Land%20400.asp

Local businesses can now nominate for the 2020 Prime Minister Veterans’ Employment Awards which highlights the contributions made by veterans in the civilian workforce and the businesses that support them.

Federal Member for Bonner Ross Vasta MP said the awards were a great opportunity to recognise and celebrate businesses of all sizes who employ or support veterans of the Australian Defence Force (ADF).

“This is a chance to be recognised as an industry leader in supporting veteran employment by nominating for these prestigious Awards,” Mr Vasta said.

Every year over 5,500 people leave the Australian Defence Force, and the Government’s aim is to ensure every person is able to transition into civilian life in towns across Australia effectively and find meaningful employment by business that support them.

Minister for Veterans and Defence Personnel Darren Chester said the awards, now in the third year, were an opportunity to recognise and celebrate veterans, their entrepreneurial nature, and businesses from across Australia who employs ADF veterans and their families.

“We invest heavily in training our ADF personnel, providing them with qualities and capabilities that are valued by civilian employers — leadership, teamwork, and a strong sense of mission and purpose are all qualities employers can expect,” Mr Chester said.

“The extensive range of skills, abilities, behaviours and attributes veterans gain makes them an asset to any workplace.”

Information on the awards can be found on the new Veterans’ Employment website.

Nominations for the awards are now open online and will close on October 22, 2019 with finalists announced in early 2020.

Bonner company Foxo Technology Pty Ltd headed up by local entrepreneur Luke Fletcher has received a $603,000 grant under the Morrison Government’s Entrepreneurs’ Programme – Accelerating Commercialisation.

Federal Member for Bonner Ross Vasta MP said the Entrepreneurs’ Programme was a flagship program aimed at supporting business growth, innovation and commercialisation.

“This grant will help Foxo commercialise its innovative new project – Foxo – a secure communication and collaboration platform for health professionals,” Mr Vasta said.

“Foxo is a real-time messaging platform that will enable a seamless and secure exchange of clinical information between health professionals using smartphones or desktop.

“This innovative platform will help improve communication, reduce medical errors and overall better patient care.”

Mr Vasta said the grant would support Foxo commercialise through the development of enterprise features, sales and an international marketing strategy.

“We have some amazing people in our community coming up with new and innovative ideas, and to be able to support their business and help take it to the next level makes all the difference,” Mr Vasta said.

“We want to see businesses succeed and I am so pleased our government is supporting Luke and the company Foxo.”

The Liberal and Nationals’ Government will invest $60 million to trial a wage subsidy as an incentive for employers in regional and rural communities to engage more apprentices.

Minister for Small and Family Business, Skills and Vocational Education Senator Michaelia Cash said the trial would see up to 1,630 new Australian Apprentices in areas of skills needs.

“There are 3.3 million Australian small businesses which contribute around $395 billion annually to our economy. Small business plays a vital role in our community, from giving young Australians their first real job to supporting our local charities and sporting organisations,” Minister Cash said.

“Through this incentive we are securing the skills our regional and rural businesses need to remain competitive and give local students new opportunities at home.”

From 1 January 2019, the new subsidy under the Australian Apprenticeships Incentives Program (AAIP), will support eligible new Australian Apprentices in areas such as plumbing, mechanical, electrical, painting trades and hairdressing.

Deputy Prime Minister, Nationals’ Leader and Minister for Infrastructure, Transport and Regional Development Michael McCormack said the incentive will provide a much-needed boost to communities throughout regional and rural Australia.

“It’s an incentive that I’m confident will encourage businesses and employers to engage a new apprentice and turbo-charge someone’s future career,” Mr McCormack said.

“This investment from the Liberal and Nationals’ Government is just another practical step to help create jobs and opportunities for small businesses and young people in the regions.

“A VET qualification is every bit as important to the economy as a university degree.

“That’s why our investment in the Skilling Australians Fund – alongside New South Wales, South Australia, Western Australia, Tasmania, Northern Territory and the ACT – is vital to create thousands of additional pre-apprenticeships, apprenticeships and higher apprenticeships.”

Mr Vasta said under the subsidy, eligible employers within Bonner will be able to receive payments based on the apprentice’s relevant award wage rates.

“Subsidies will be provided at 75 per cent of the apprentice’s award wage in the first year, followed with 50 per cent in the second year and 25 per cent in the third year,” Mr Vasta said.

“The investment is part of our Government’s commitment to maintain a strong vocational education and training (VET) sector that delivers the quality skilled workforce our community needs.”

The new wage subsidy will complement other incentives currently available through the AAIP and support the engagement of eligible new full-time apprentices at the Certificate III and IV levels in occupations on the National Skills Needs List in regional and rural communities.

Last Wednesday the Brisbane Southside Chamber of Commerce held another successful Mini Business Expo. Unfortunately because of the sitting week I wasn’t able to be there, but my wonderful team was able to represent me there.

The Expo gave the Chamber’s members the opportunity to meet and network with other business owners as well as local organisations and government representatives. It’s yet another event from Southside Chamber of Commerce helping support and grow businesses in Brisbane’s southside.

The Chamber committee is made up of amazing volunteers. I have to commend them for the great work they do helping small businesses in the area grow. In particular I have to commend their President Kathleen Lewis and Vice President Kim Peries who are such strong advocates for the Chamber’s members.

I’m glad to support the business events the Chamber holds throughout the year. I’d encourage local southside businesses to sign up to become a member for the support and network opportunities they provide.

I’m a proud member of Southside Chamber of Commerce myself. And I’m proud to be part of a government that has passed legislation delivering company tax relief for over 15,000 businesses in Bonner, five years sooner, as well as extended the $20,000 instant asset write off for another year.

There’s been some big news for Bonner recently! The winner of Queensland’s best fish and chip shop was one of our very own in Wynnum West. Fish and Chip Co was named overall winner of the 2018 Australian Fish and Chip Awards at the Queensland Seafood Industry Awards, or the Seafood Industry Oscars as they like to be called.

It was great to have a mobile office outside Fish and Chip Co the other day. I had a good chat with owner Demetri about their successes, and the challenges of running a business in the current environment.

I know a little something about these challenges. I ran a chain of Italian restaurants for a number of years. I understand how every little thing adds up. Decisions made at the Federal level mean the difference between surviving or having to lay off more staff for millions of small businesses across Australia.

That’s why I’m happy to say yet again this Coalition government has delivered for Aussie small businesses – small businesses like Fish and Chip Co that employ almost seven million Australians, 408,000 in Queensland.

Last month we passed legislation to extend the $20,000 instant asset write off another 12 months to 30th June 2019. Local small business owners continue to tell me how much this measure has helped them. Well over a thousand local businesses in Bonner have benefitted from the instant asset write off alone.

Then there are the tax cuts for small and medium businesses we delivered last week. Small and medium-sized businesses will now pay less tax five years earlier than planned. This is great news for over 15,000 local businesses in Bonner and over three million businesses across Australia.

By fast-tracking this tax relief for businesses in Bonner, we will make a more immediate difference to the individual businesses and the people who work for them. It means more money for local business owners to employ more staff. When business owners like Demetri can keep more of their own money, they have more to invest back into their business. That means more jobs, increased productivity and growth.

This legislation builds on the first stage of company tax relief we delivered in May last year. It stands in stark contrast to Labor’s plans for higher taxes for small businesses, along with higher taxes on income, savings, property, power and more—around $200 billion in higher taxes!

I look forward to seeing this government deliver more relief and support for small businesses like Fish and Chip Co in my electorate. Congratulations again to Fish and Chip Co for their well-deserved award! It’s always great to see outstanding small businesses in Bonner recognised for their high quality. I will just say their fish and chips are truly some of the best I’ve ever had!

Bonner businesses are reaping the benefits of affordable high-speed broadband thanks to the Coalition’s National Broadband Network rollout, with local business owners joining a roundtable discussion with Minister for Communications Senator Mitch Fifield and Bonner MP Ross Vasta.

Local business owners had the opportunity to speak one-on-one with the Minister about how affordable high-speed broadband is helping them grow their business, with the NBN rollout continuing at pace across the electorate.

“When the Coalition came into Government in 2013, not a single home or business in the electorate of Bonner was connected to the NBN, despite Labor being in Government for six years,” Minister Fifield said.

“Today, the NBN is available to around 25,000 homes and businesses in Bonner and close to 20,000 premises have an active connection. A further 27,000 premises will be able to order a service in the near future.”

Mr Vasta said it was great to bring local businesses together with the Minister to speak about the positive impact the NBN rollout was having across the electorate.

“So many businesses in Bonner rely on fast, affordable internet for everyday activities. That’s why today’s roundtable is so important,” he said.

“More than half of the electorate is now able to connect to the NBN and the rollout will be complete nationwide in 2020. With so much activity happening across Bonner, we need to make sure that our small business owners are making the most of this great opportunity – that’s why we’ve got Minister Fifield here to answer their questions and provide an update on the progress of the rollout.”

Construction is currently under way to 23,000 homes and businesses in Bonner and planning is already well progressed for the remaining 18,000 premises in the electorate.

Commsync General Manager Chris Boyle thanked Mr Vasta for giving them the opportunity and said as a business owner the roundtable meeting was invaluable.

“The internet and broader communications portfolio is essential in my business, especially when it comes to making sure the right messages get sent through and in a timely manner.

“It was a hugely useful session and I left the meeting far more informed than I would have otherwise been which is going to make for an easy switch onto the network for us at Commsync.”