Federal Member for Hume Angus Taylor said the passing of the Government’s small business package in the Senate today was a strong support for Hume small business.

“Since Budget night I have heard some fantastic stories from local business owners looking to expand and invest; they’re inspired to spend because of the Budget - and the passing of the legislation today will bring a boost for them and the local economy.”

“The second-order effect of a small business buying from another business and in turn that business buying from someone else will have a significant impact in regional Australia,” Mr Taylor said.

He said key measures passed through the Parliament allowed small businesses to claim an immediate tax deduction on every asset under $20,000 purchased since Budget night up until the end of June 2017.

Small companies with a turnover of less than $2 million will benefit from a 1.5 per cent tax cut from 1 July 2015 – the lowest tax rate for small incorporated business since 1967.

“The passing of the small business package also means primary producers can claim an immediate deduction for capital expenditure on water facilities and fencing assets, and to deduct capital expenditure on fodder storage assets over three years.

“This will greatly assist farmers with drought preparedness and cash flow, and encourage investment in productivity enhancing assets.”

Mr Taylor said he knows of farming families who have advanced plans to purchase water pumps and invest in improved water distribution systems as a result of the Budget incentives.

“It is clear small businesses feel energised by these measures. It’s full steam ahead to the end of the financial year and beyond,” he said.