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Coalition Launches Small Business Plan with Tax Incentives and Growth Targets

Peter Dutton unveils $214 million initiative to create 350,000 new small businesses through tax offsets, tech deductions, and regional show funding.

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a bald man wearing glasses speaking in front of an australian flag

Overview

  • The Coalition's 'Entrepreneurship Accelerator' offers tapered tax offsets for new businesses over their first three years, covering up to 75% of taxable income in year one.
  • Small businesses can claim a $2,000 tax deduction for technology upgrades costing $4,000 or more, including investments in e-commerce, software, and cyber security.
  • The plan includes $20 million for infrastructure and attractions at regional agricultural shows to support local economies and communities.
  • Eligibility for the tax incentives is limited to Australian-incorporated businesses with fewer than 20 employees and less than $10 million in turnover.
  • The initiative, estimated to cost $214 million over four years, is central to the Coalition's election campaign to boost entrepreneurship and reduce business costs.