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

Alumni excellence celebrated in style at Oakleigh Grammar

Oakleigh Grammar has inducted two more former students into the prestigious Alumni Hall of Fame.

A pilgrimage to heroic Souli: Remembering the legacy of the Souliotes and Souliotises

Nestled in the rugged mountains of Epirus, Souli is more than just a historical site—it is a symbol of resilience and bravery.

The First Ecumenical Council of Nicaea: Defining Orthodoxy and preserving Hellenism

The First Ecumenical Council of Nicaea, convened in 325 AD by Emperor Constantine the Great, stands as a pivotal event in Christian history.

From PAK to PASOK: Sakis Gekas to lecture on anti-dictatorship resistance in Toronto

The talk will feature some of the key moments of the anti-dictatorship struggle and its manifestations in the public sphere.

US urges EU to abandon protections for feta and other regional products

The United States is ramping up pressure on the European Union to eliminate its system of geographical indications.

You May Also Like

Archaeologists discover two Doric temple remains in former Greek colony Paestum

Archaeologists have discovered two additional Doric-style temples at Paestum, an ancient Greek colony in southern Italy.

‘It’s a big deal’: Greek Australians triumph in the Inner West Local Business Awards

Many Greek-owned businesses and individuals have won in their respective categories at the Inner West Local Business Awards this year.

Maria Sakkari and Stefanos Tsitsipas confirmed in Australian Open main draw

The Australian Open has revealed its main draw entry list for 2024, with Maria Sakkari and Stefanos Tsitsipas set to hit the court.