YOUNG people starting their own business will benefit thanks to new products made available by the Australian Taxation Office (ATO) this week.
Deputy Prime Minister, Minister for Agriculture and Water Resources and Member for New England, Barnaby Joyce said more young Australians are going into small business, particularly in industries such as construction, transport, information technology and telecommunications, and the ATO has made the process even easier to help young people have a go.
“The Federal Government admires those who take a risk and have a go in starting their own small business, and this is especially for young Australians. They are bringing jobs and opportunities to communities throughout the New England Electorate and the Government is here to back them”, Mr Joyce said.
“This product builds upon the practical assistance we give small business, including the new record-keeping tool for small business released last year and the $20,000 instant asset write-off programme.”
Government agencies, including the ATO, Australian Securities and Investments Commission and the Department of Industry, Innovation and Science, recently partnered with young small business owners to form a fix-it squad. The squad explored how Government could help young Australians starting a new business and worked together to bring some helpful new products to life.
People starting a business can download ASIC’s First Business App or visit the Plan & Start page on: business.gov.au for valuable information including:
- checklists to help with setting up a business
- ideas for developing business networks, and
- advice about planning and setting goals.
Federal Small Business Minister, Michael McCormack said simplifying help for small business is his focus as the part of the Government’s plan to back small business.
“I have been there, starting out and hoping your risk and your dream pays off. That’s why I know the great thing about these products is that while they were developed with young Australians in mind, they’ll be useful for anyone starting a business,” Mr McCormack said.
“Estimates say these products will save the Australian small business community around 1.5 million hours a year, giving new business owners more time to grow their business or spend with their families – which are some of the best investments they can make.
“From cutting small business taxes to producing apps to make small business simpler, to the $20,000 instant asset write-off programme, the Government has runs on the board in backing small business.
“I encourage anyone planning to start a business to have a look at these great new products and start their small business with their best foot forward.”