As part of the small business community, brokers have been offered some incentives in the federal budget.
The Council of Small Business of Australia (COSBOA) outlined a number of new initiatives that it said would support small businesses. These include:
* An extension and expansion of the Small Business Tax Break from 30% to 50%, available for expenditure incurred up to 31 December 2009
* The new R&D Tax credit (formerly R&D tax concession) offering up to twice the current value of the R&D tax concession that is currently available.
* $10m over two years for a small business support line to help small businesses with advice during the recession and,
* A small business online programme designed to help small businesses participate in the digital economy and enter the world of e-commerce
CEO of COSBOA Jaye Radisich said for small businesses to maximize the positive impact of the tax break, they needed to support fellow small businesses.
She said: "When purchasing new capital items, small businesses should try and buy from each other, to support Australian small businesses and local jobs."
"The challenges that are now facing small businesses in this recessionary period are serious, and small businesses need the confidence to know that there's someone to turn to when things get tough."
She said the support line would be an important service to small businesses providing a "dedicated first point of contact for inquiries ranging from problems with access to finance through to retail leasing issues".
Another measure highlighted by COSBOA as a benefit to small businesses is funding for the Australian Taxation Office (ATO) "to continue to provide early and tailored individual assistance to small businesses to help them meet their compliance obligations, including offering flexible arrangements to help the business remain viable".
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