Budget a winner: Polglase
TUESDAY night's Federal Budget will benefit the business sector of the Tweed and help young people find a job.
This is the view of Tweed Chamber of Commerce and Industry president Warren Polglase who said the budget was "a winner" for the region.
The tax cuts for small and medium businesses and the expanded asset write-off will help the bottom line for many owners, according to Mr Polglase.
"We have an enormous amount of small business and any tax relief is very welcome to any small business in the Tweed," he said.
Treasurer Josh Frydenberg announced on Tuesday there will be tax cuts to small businesses over the next two years.
The tax rate will come down from 27 per cent to 26 per cent next year.
This will again be cut down to 25 per cent starting in 2021.
Mr Polglase, a Tweed Shire Councillor and member of the Nationals member, said he was hopeful that by having more money in their pocket, business owners may be able to employ more people or offer more hours to current employees.
The asset write-off was one of the bigger announcements made by the treasurer.
The instant write-off will now apply to companies who have an annual turnover $50million, up from the current rate of $10million, and applies to items purchased which cost up to $30,000.
Mr Polglase said these two announcements would have positive impacts for the Tweed region, who he says is heavily reliant on small business.
A further commitment to apprentices was another positive for the Tweed Shire in the budget, according to Mr Polglase.
He said the Federal Government had recognised the importance of giving young people an opportunity and said he believed the incentive to take on an apprentice would help one of Tweed's biggest issues.
The budget offered a $525million package aimed at helping industries which are currently suffering a skills shortage.
A promise of creating 80,000 new apprenticeships has been made by the Coalition Government, which includes a $2000 incentive for people considering taking up a trade in these industries struggling to build the workforce.
"Our youth unemployment is quite high in the Tweed and we want to give our young people a go," Mr Polglase said.
"It is difficult for any young person to get a apprenticeship and I hope this will encourage business to give younger people a go."
Some of these industries include carpenters, bricklayers and plasterers.
Mr Polglase said many businesses in the Tweed are heavily involved in building and construction in one form or another, and these incentives would build the industry.