Senator Whish-Wilson said, “If you weren’t cynical about politics before this budget, then surely you will be now.
“Last year the Liberals axed $5.4 billion in small business support including company loss carry-back and accelerated vehicle depreciation, and they reduced the instant asset write-off threshold from $6,500 to $1,000.
“Yet this year, the Liberals have made the 'new' $5.5bn small business package the centrepiece of their entire budget. It is simply a repackaged and rebranded version of what they took away.
“The Greens took a policy to the last election of a 2% tax cut for small business and for the instant asset write-off threshold to be raised to $10,000 as recommended by the Henry Review.
“The tax-deduction for asset purchases will only last two-years, thus providing a sugar hit for the sector and broader economy but no long-term ongoing support for small business.
“For all intents and purposes this looks like an economic stimulus package prior to an election.
“I will be watching closely to ensure that the necessary checks and balances are in place to guarantee that the tax-deductibility measure is not abused and actually goes towards genuine long-term investment in helping small business,” he concluded.
