New minister appointed amid coalition SMB tax break dump

It’s been a busy few days in Federal Government, with an election being called and a Cabinet reshuffle which sees Chris Bowen appointed the new Minister for Small Business.

The Government has appointed another Minister for Small Business over the weekend after the resignation of Chris Evans and the announcement that Nicola Roxon would not pursue her seat in the next election prompted a reshuffle.

Bowen is the fourth Minister for Small Business that has been appointed since 2010, following in the footsteps of Nick Sherry, Craig Emerson and most recently, Brendan O’Connor. He will also have responsibility for the tertiary education portfolio- two large portfolios which will see a lot of responsibility in this election year.

The announcement was made just days after Brendan O’Connor, still within his previous portfolio as Minister for Small Business, claimed leader of the Opposition Tony Abbott had announced that he would cut tax breaks for Australian small businesses, including the instant asset tax write-off.

“The tax write-off cuts red tape and frees up cash flow for small businesses, and is expected to inject $1 billion back into small businesses in its first year,” said Brendan O’Connor, now Minister for Immigration and Citizenship.

“Mr Abbott’s pledge to scrap this important measure shows he has no understanding of the cash flow pressures on small businesses and no commitment to cutting red tape.

“Mr Abbott also confirmed that the Liberals would abolish the loss carry-back initiative, which allows companies which make a profit one year and a loss the next to claim a refund on tax paid.”

 

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