Treasurer Josh Frydenberg and Fiona Martin MP visit iconic business Pasticceria Papa

·

The Morrison Government will deliver significant tax and investment incentives as part of their Economic Recovery Plan for Australia to create jobs, rebuild the economy and secure Australia’s future.

Dr Fiona Martin MP welcomed Treasurer Josh Frydenberg to one of Reid’s most iconic businesses, Pasticceria Papa in Five Dock, to discuss how the 2020-21 Budget will back local businesses.

“Around eight in every 10 Australians are employed in the private sector, so when we support our local businesses, we’re supporting job creation and economic activity,” Dr Martin said.

“Businesses like Papa’s are the engine room of our economy and backing them is a part of the Morrison Government’s plan to recover from the COVID-19 recession.”

Treasurer Josh Frydenberg said that Pasticceria Papa’s owner, Mr Salvatore Papa, typified the story of migrant business owners across Australia.

The Treasurer Josh Frydenberg and Fiona Martin’s visit to Pasticceria Papa in Five Dock over the weekend.

“Salvatore came to Australia in 1987 from Italy. As a baker, he set up a small business with just one staff member. Today, he employs more than 170 Australians and supplies more than 750 shops around the state,” Treasurer Frydenberg stated.

“This Budget delivers for Salvatore and it delivers for millions of small businesses right across the country.”

Building on the successful expansion of the instant asset write-off in their response to COVID-19, the Morrison Government will now allow 99 percent of businesses to write off the full value of assets they purchase.

Businesses with a turnover of up to $5 billion will be able to immediately deduct the full cost of eligible depreciable assets acquired from 7:30pm (AEDT) on 6 October 2020 and first used or installed by 30 June 2022.

“This will unlock investment, expand the productive capacity of the nation and create tens of thousands of jobs,” Treasurer Frydenberg said.

The Government will also temporarily allow companies with a turnover of up to $5 billion to offset tax losses against previous profits on which tax has been paid.

“Normally, businesses would have to return to profit before they can use their losses, however, these are not normal times,” Treasurer Frydenberg said.

“This will provide a targeted cash flow boost that businesses across Australia desperately need.”

Losses incurred to June 2022 can be offset against prior profits made in or after the 2018-19 financial year.

The Government is also providing $105 million in tax relief to expand access to a range of small business tax concessions by lifting the aggregated annual turnover threshold for these concessions.

Advertisement

Share:

KEEP UP TO DATE WITH TGH

By subscribing you accept our Terms of Service and Privacy Policy.

Advertisement

Latest News

Earlwood’s Greek spirit centre stage as ‘Plateia’ Festival secures state funding

The City of Canterbury Bankstown will host the “Love Earlwood” festival thanks to the NSW Government’s Open Streets 2025-28 Program.

Greek Consul General honoured at Hellenic Club farewell event in Sydney

Sydney’s Greek community came together on Thursday for a dignified farewell dinner in honour of Greece’s Consul General, Ioannis Mallikourtis

Field of candidates announced for 2025 Greek Community of Melbourne Board election

Greek Community of Melbourne has officially called elections for a new Board of Directors, with members set to head to the polls on June 29.

Australia Cup 2025: Strong Greek heritage club presence as Final 32 locked in

The cast for the Hahn Australia Cup 2025 Round of 32 has been decided following the completion of the Preliminary Rounds.

Apostolakis and Trimis named on Young Matildas squad for upcoming training camp

CommBank Young Matildas Head Coach Alex Epakis has settled on a 32-player squad for a domestic training camp to be held in Sydney.

You May Also Like

Pontian community gathers in Sydney to honour Greek Genocide victims

A moving memorial service commemorating the victims of the Greek Genocide was held on Sunday, May 18, in Sydney.

David Coleman MP: Albanese Government’s Misinformation Bill will censor free speech of Australians

Australians face serious risks to losing their freedom of speech under plans by the Albanese Government to impose new Misinformation laws.

Cyprus gives posthumous award to the late Cypriot Australian Georgia Alexandrou

The late Cypriot Australian leader Georgia Alexandrou received a posthumous award on Wednesday, July 31 from the government of Cyprus.