New boost to Coast small business
GOLD Coast small businesses are about to get a boost under new Government legislation.
More than 73,000 Gold Coast small businesses with an annual turnover of less than $10 million are eligible to access a $20,000 instant write-off to invest back into their business.
MP Steven Ciobo urged local businesses to take advantage of the announcement.
"Whether you're a gardener purchasing a ride-on lawnmower, a cafe owner purchasing an industrial dishwasher or a courier purchasing a vehicle, I encourage Gold Coast small businesses to take advantage of the $20,000 instant asset write-off - if they're not already," he said.
Local business Dairy Free Down Under owner Kevin Flanagan said he supported any initiative
helping small businesses, which were the "backbone of the economy".
"We now have 40 employees and our products are in about 900 retail outlets that support
Australian small businesses," he said.
"Demand for our vegan range has meant several expansions, with more planned and we've had to invest in automated machinery for our production line, so we're definitely going to look into the instant asset write-off as it will assist us in our staged growth."
The $20,000 write-off has been extended for further 12 months to June 30 next year.