Coalition announces Plan for Small and Family Business

The Coalition has released its ‘Plan for Small and Family Business’, which includes a strategy to rebuild small businesses and revive entrepreneurship. The plan includes two new tax incentives for Australians to launch and grow a small business of their own. 

The Entrepreneurship Accelerator will support newly incorporated businesses for the first three years of their operation with a tapered, tax offset starting at 75 per cent of their first $100,000 of taxable income, and 50 per cent for their second $100,000 of income in their first year of operation. 

The Coalition will also provide a tax deduction of $2,000 for tech upgrades of $4,000 or more – ‘Tech Booster’ – for small businesses to invest in the digital tools they need to grow.