Small business is the backbone of our economy. We’re backing small businesses, to help them get ahead and create more jobs. SMALL BUSINESS TAX RELIEF Our tax relief plan benefits 3.4 million businesses employing over 7 million Australians. For businesses with a turnover less than $50 million, the tax rate has been reduced from 30% to 27.5% – the lowest rate in 50 years. We will be further reducing this to 25%. For unincorporated businesses with a turnover less than $5 million, we have introduced a tax discount of 8% (capped at $1,000). This will further increase to 16%. INSTANT ASSET WRITE-OFF We are extending the Instant Asset Write-Off until 30 June 2020, for assets up to $30,000. This helps small businesses (turnover under $50 million) invest in the machinery and equipment they need to grow. Almost 350,000 small businesses accessed the Instant Asset Write-Off. RED TAPE RELIEF Since 2013, we have cut over $6 billion of red tape. Measures include: A simplified Business Activity Statement. Doubling ASIC financial reporting thresholds. $300 million to help states and territories reduce red tape. HELPING CASH FLOW From July, the Government will be required to pay its bills within 20 days, for contracts up to $1 million. Large businesses seeking government contracts will be required to do the same. BETTER ACCESS TO FINANCE A new $2 billion Australian Business Securitisation Fund will help small businesses get the funding they need at a better rate. A re-elected Morrison Government is committing $100 million in funding to establish the Australian Business Growth Fund and partner with financial institutions to provide equity funding to small business. The aim is for the Fund to grow to $1 billion as it matures. This will significantly enhance the ability of small and family businesses to access funding, filling a gap in the market that is preventing them from reaching their full potential. FAIRER COMPETITION Small businesses are getting a fair go, through: Changes to competition law to stop big businesses abusing market power. Unfair contract legislation. Free, fast and binding dispute resolution through the new Australian Financial Complaints Authority. Action against illegal phoenixing. The Small Business and Family Enterprise Ombudsman. EXPORT OPPORTUNITIESThe Morrison Government has boosted the Export Market Development Grant scheme by $60 million to back small and medium sized Australian exporters. We have delivered trade agreements with China, Japan, and Korea. We have signed the Pacific Agreement on Closer Economic Relations and agreements with Indonesia, Peru and Hong Kong. Australian exporters will also benefit from the new Trans-Pacific Partnership – an Agreement between 11 major economies in our region (worth $13.7 trillion). SKILLSThe $525 million Delivering Skills for Today and Tomorrow package will strengthen the VET system and provide small businesses with support to take on more apprentices in areas of skills shortages.