MINISTER FOR AGRICULTURE, Drought and Emergency Management, David Littleproud addressed rural businesses with the Federal Government’s economic stimulus package, with an emphasis on traditional enterprises: agriculture, fisheries and forestry, according to the government’s media release.
$1 billion in community fund to support
rural industries impacted by coronavirus
“$1 billion will be directed to a regional and community fund to support industries including agriculture impacted by coronavirus. “This will help farmers from fishing communities in Geraldton to dairy businesses of Bega,” said Minister LItteproud.
“The instant write-off threshold has been increased from $30,000 to $150,000 for businesses with an aggregated annual turnover of less than $500 million.
“There’s accelerated depreciation deductions to encourage investment for the next 15 months. Businesses with a turnover of less than $500 million will be able to deduct an additional 50 per cent from asset costs in the year they were bought.
“If you were thinking about whether to invest in your agricultural business here’s added incentive.
Take on an apprentice, get cash boost
“For small businesses, the life blood of the community in regional and rural Australia, there’s a 50 percent subsidy for apprentices.
“There’s a tax-free cash boost of up to $25,000 for eligible businesses that take on a worker between 1 January and 30 June this year.
“And there will be another economic shot in the arm locally with the one-off payment of $750 to pensioners and those on Newstart,” continued Minister Littleproud.
“Take advantage of these measures to grow your business, to increase production and keep our regional and rural communities strong.”
IMAGE by Ligorosi, Dreamstime.