North Sydney has two of Sydney’s largest commercial centres in the North Sydney CBD and Chatswood, but it is also home to thousands of small businesses which are the lifeblood of our local economy and contribute to our strength nationally.
There are more than two million small businesses that employ more than 4.7 million Australians and contribute around $340 billion each and every year to our national economy.
We know, as a government, that supporting small business is absolutely critical and we are focused on creating as many opportunities as we can to help small business grow, innovate and back themselves by investing more in their own businesses.
We continue to roll out the National Innovation and Science Agenda which is expanding the opportunities for small and medium enterprises to make it easier to access finance, grants, resources and guidance from mentors, as well as reforming employee share schemes and tax treatment.
This is combined with our $5.5 billion small business package in last year’s budget. This includes a 1.5 per cent company tax cut to small business, a 5 per cent discount for unincorporated entities, no capital gains tax liability for changing business structure without changing owner and a $20,000 instant asset write-off for eligible assets up to the value of $20,000 through to 30 June 2017.
Most recently we have announced our plans to amend the competition law to enable smaller businesses and emerging businesses the opportunity to compete more fairly with larger rivals and we have appointed Kate Carnell as a new Small Business Ombudsman to advocate for small businesses and provide advice on small business-friendly laws and regulations.
I want to support the businesses right across my electorate to access the rising opportunities in our region and help them take advantage of the Free Trade Agreements we have signed with China, Korea and Japan.
A priority for me will also be to promote our part of Sydney as a centre for innovation and technology.
Already the North Sydney CBD is fast becoming a centre for IT firms and industry and as one CEO put it to me, it’s set to become Sydney’s ‘silicon alley’.
For these reasons I believe our part of Sydney is well placed to capitalise on these opportunities and ensure all businesses can take advantage of the doors being opened by growth in the Asia-Pacific region.
I look forward to engaging with the local chambers of commerce to ensure I have feedback on our policies and a good understanding of the challenges faced by businesses in my electorate.
If you would like information on our latest policies, initiatives or to access helpful resources, I encourage you to visit innovation.gov.au and business.gov.au.
We are a government that backs business so please get in touch with me and my office if you have any questions on our business agenda or if you have something you wish to raise with me.
Email: Trent.Zimmerman.MP@aph.gov.au
