Big Win In $500m Package
Newcastle Herald
Wednesday May 10, 2000
THE cost of implementing the new tax system will be offset by a $500million assistance package for small and medium businesses.
Also announced in last night's Budget was ongoing funding for the small business incubator program for initiatives such as Steel River.
The $500million package for small business will be broken into four programs:
* $40million for business skills education.
* $130million for assistance through peak industry bodies.
* $7million for adviser education.
* $320million direct assistance in the form of redeemable certificates.
The Government has already provided $175million through tax deductable software.
Small Business Minister Peter Reith said business costs would fall by between $7billion and $8billion a year and costs to exporters by $3.5billion under the new tax system.
Other small business initiatives in the Budget included:
* A retail grocery industry ombudsman to be set up and funded with $3.6million over the next four years.
* Business Entry Point, which allows small businesses to make compliance transactions electronically, will receive $6.5million this year.
© 2000 Newcastle Herald