Australia’s Indian Community is Vital to Our Small Business Sector

Australia’s Indian Community is Vital to Our Small Business Sector

AUSTRALIA’S INDIAN COMMUNITY CONTRIBUTES TO THE VITALITY OF OUR

SMALL BUSINESS SECTOR

Indian Australians have contributed much to the economic, social and cultural life of Australia.

The Indian community is renowned for its commitment to hard work, enterprise, community spirit and building strong families.

The Turnbull Government is committed to building a prosperous, socially cohesive nation and encourages social cohesion by fostering the successful integration of migrants into the broad Australian community.

Acceptance of diversity and respect for the individual are pivotal to promoting the harmony of the community.

Our nation continues to be strengthened and enriched by our cultural diversity.

Australia’s multiculturalism is unique – reflecting the reality of the diversity of our society today.

The 2011 Census revealed that over a quarter (26%) of Australia’s population was born overseas and a further one fifth (20%) had at least oneoverseas-born parent.

There are now close to 400,000 people of Indian ancestry living in Australia.

In fact, there are well over 5,000 people of Indian ancestry living in my electorate of Higgins.

The Turnbull Government recognizes the importance of the ability of new migrants being able to achieve economic independence and help Australia’s economy grow.

This is well documented by the fact that Australians who were born overseas are more likely to be self-employed than those born here.

 

The most recent economic figures tell us that 31 per cent of business operators and independent contractors were born overseas – or about 613,000 people.

This is indeed a huge number – one that is expected to grow further – and indicates how migrants are prepared to take risks and are particularly well- suited to the world of enterprise.

These Australians know the markets into which we seek to expand; they understand the demands of the populations we look to serve. Importantly, they have the language skills, cultural understanding and people to people networks, necessary to engage with businesses overseas.

Australia’s productivity diversity is crucial in promoting trust and goodwill, as well as seizing new opportunities.

As part of our national economic plan for jobs and growth, the Turnbull Coalition Government is backing hardworking small businesses.

The Turnbull Government is ensuring we continue to make Australia the best place to start and grow a small business with our package of small business tax cuts, tax discounts, and tax concessions.

In contrast, Labor has said they will tax small and medium sized businesses more.

From 1 July this year the Turnbull Government will once again reduce the tax rate for small business — this time from 28.5 to 27.5 per cent. We will also expand the threshold for businesses able to access this rate from an annual turnover of $2 million to $10 million.

By doing so, about 870,000 businesses will benefit — businesses that employ more than 3.4 million workers and add hundreds of billions to our economy. At the same time, we know many small businesses are not companies, so we will extend the unincorporated small business tax discount.

From 1 July the discount will be available for unincorporated businesses with an annual turnover of less than $5 million — up from $2 million. It will also be increased from 5 per cent to 8 per cent, while remaining capped at $1,000.

This increase to the unincorporated tax discount rate adds another 2.3 million businesses into the column of small business winners.

But it’s not only reducing the tax rate that will help small businesses grow. We will also extend a range of tax concessions and simplified processes to small businesses with an annual turnover of less than $10 million.

So from 1 July this year, over 90,000 more businesses can access immediate deductibility for each asset costing less than $20,000. They will also enjoy simplified trading stock rules and a simplified method for paying PAYG instalments — thereby removing the risk of penalties.

Labor will not offer any relief at all for businesses with a turnover of between $2 million and $10 million, businesses which employ more than 2 million Australians.

And Labor will ignore Australia’s 2.3 million unincorporated small businesses all together.

The Government will also continue its crusade against red tape so more time can be spent running and growing a business.

We know, for instance, that the administration of GST through Business Activity Statements (BAS) can be painful for small businesses, which is why we will simplify the BAS reducing the fields required to be completed from seven to three.

We also know that finding the right employee can be difficult, which is why investing more in skills training, internships and wage subsidies, including through our new $840 million Youth Jobs PaTH (Prepare-Trial-Hire)programme which will match young job seekers with employers.

The Turnbull Government has already achieved a lot for hardworking small businesses so far – we have extended unfair contract protections to small businesses, we have announced we will fix competition law to allow businesses to compete on their merits and we have established the Small Business and Family Enterprise Ombudsman.

Together with what we have achieved to date, our national economic plan will help small businesses to innovate, grow and importantly create Australian jobs.

 

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