Troy Williams, chief executive officer of the Australian Dental Industry Association (ADIA) has argued in statement that the new budget will need to “provide an incentive to allow small businesses to create jobs, yet retain an eye on long-term deficit reduction.”
The ADIA is seeking a “simplification of the rules that allow for immediate tax deductibility for asset purchases costing less than $20,000 until 30 June 2017, and the increasing of the threshold for eligibility from $2million to $10million,” they said in a statement.
“Never has it been a better time for small and medium-sized businesses to go out and invest in new assets. Dental practices can go out and buy new dental chairs and the small businesses that supply them can invest in new infrastructure,” said Williams.
The ADIA also welcomed, in a statement, “the reduction of the company tax rate to 27.5 per cent, starting with businesses with a turnover less than $10 million.”
“Most small businesses reinvest their profits into their business to help them grow, create jobs and operate sustainably. A reduction in the corporate tax rate provides greater flexibility to do just that,” said Williams.
However, the ADIA also said they would have preferred to see a stronger investment in dental health in the budget.
“The dental industry would have naturally liked to see a greater commitment – it’s difficult to imagine circumstances when this wouldn’t be the case. However, given the government’s philosophical approach to funding and delivering dental care and the constraints associated with returning a budget to surplus, this modest funding commitment is arguably the best that could be achieved in the circumstances,” said Williams.