Small businesses across the Riverina, Central West, Snowy Mountains, South West Slopes and Southern Tablelands are set to benefit from a new Coalition policy that will cut red tape. According to Member for Riverina Michael McCormack a future Liberal-Nationals Government will introduce a capped tax deduction of $20,000 for business-related meal and entertainment expenses – excluding alcohol – for small businesses with a turnover of up to $10 million. Mr McCormack said the policy would help boost small businesses and stimulate the hospitality industry. “As a former Minister for Small Business and as a former business owner, I can certainly attest to the tangible benefits cutting red tape can have on helping a business survive and thrive,” Mr McCormack said. “This announcement will also give the hospitality industry a much-needed boost – with many cafés, pubs, restaurants, clubs and entertainment facilities themselves small or family-owned enterprises.” Mr McCormack said the measure, which will run for an initial two years, will be exempt from Fringe Benefits Tax. “This is about supporting small businesses that have felt the brunt of a cost-of-living crisis completely mismanaged by the Labor Government over the past three years,” he said. “Small businesses are the engine room of the economy, particularly in regional and rural communities across the Riverina electorate. “The Liberals and Nationals understand this important symbiotic relationship between small and family-owned businesses and the local communities they serve and live in, which is why a future Coalition Government will always have their backs.” According to Mr McCormack under the current Government, more than 26,000 small businesses have fallen into insolvency, with more than 4,000 of those in the hospitality sector. He said this measure builds on the Coalition’s commitment to rebuild small business by making the Instant Asset Write-Off permanent.
