Small Business Crusader Retires

NATIONAL

Small Business Crusader

Federal Minister Kelly O’Dwyer announces her retirement.

Back in mid-January 2019, long serving coalition Minister Kelly O’Dwyer announced her retirement from politics effective from the date of the upcoming election, likely to be in May 2019.

Minister O’Dwyer has served in many ministerial portfolios including; Assistant Treasurer, Women, Finance, Employment, and that of the all-important Small Business portfolio. Owing to Minister O’Dwyer also being the assistant Treasurer to Scott Morrison, this meant the Small Business portfolio was very strongly represented in the Cabinet too!

Minister O’Dwyer has been a very strong advocate and friend of small business, particularly, at the time of striving for Competition Law reform and strengthening the misuse of market power provisions – sec46 – in the Competition and Consumer Act (CCA). The announcement regarding this historical amendment to the CCA was made in March 2016 and legislated in November 2017. We, as an industry sector are very grateful for the dedication, work and energy Minister O’Dwyer has put into everything she does for family enterprises and private businesses in Australia!

Minister Kelly O’Dwyer has decided to focus on the all-important job of being a “mum” to her 2 young children, Olivia and Edward, and pursuing other interests outside of politics. Jon, Kelly’s husband has been an amazing support during Kelly’s very hectic tenure as a Minister in the Federal Parliament. On behalf of MGA members all around Australia, I would like to express our gratitude to Minster O’Dwyer for her dedication and hard work in looking after small business people and making many crucial law changes in the best interests of the Australian Small Business community.

David Gandolfo – COSBOA Director, PM Scott Morrison, Minister Kelly O’Dwyer and Jos de Bruin.

Extended Instant Asset Write-Off on now

Michaelia Cash and Josh Frydenberg making the announcement.

Image source: ntnews.com.au

Have you heard of the Federal Government's instant asset write off? It’s about to get better!

that could be a great help to smaller independent supermarkets and liquor stores.

Many members may be unaware of this initiative On 30 January 2019, Federal Treasurer Josh Frydenberg, Small Business Minister Michaelia Cash and Assistant Treasurer Stuart Robert announced the introduction of legislation into Parliament that will boost, and extend, the instant asset write-off initiative for family enterprises and private businesses.

The legislation will increase the instant asset write-off threshold from $20,000 to $25,000 and extend the initiative for another year to June 2020.

This instant asset write-off allows small businesses with an annual turnover of less than $10m to claim immediate deductions of up to $25k for new or secondhand plant and equipment asset purchases such as vehicles, cool rooms, fridges, point of sale systems, equipment and so on. The assets must first be used or installed for use in the income year you are claiming for.

For more information concerning this opportunity contact the Australian Taxation Office or speak with your accountant.