The release of the 2010-11 Federal Budget last night revealed funding for new and existing products and services to assist businesses. Some of the initiatives included in this year's budget are listed below.
New programs or services
- Creation of a new national system for registering business names.
- Funding for States and Territories to provide guaranteed training places for under 25s.
- Funding for training costs of up to 50% for large organisations and 90% for small businesses.
- Increase in employer sponsored skilled migration places.
- Establishment of a Renewable Energy Future Fund to assist businesses to reduce their energy consumption.
Existing programs or services
- Increased funding for business mediation services for early intervention dispute resolution.
- Extension of the Apprentice Kickstart Program aimed at small and medium businesses with 22 500 new apprenticeships.
- Increased funding for the Textile, Clothing and Footwear Strategic Capability Program.
- The program will now also be able to support smaller projects, with the eligibility threshold reduced from $1 million to $500 000.
Taxation and superannuation changes
- Company tax rate to fall to 28% by 2014.
- 40% Resource Super Profit Tax to be in place from 2012.
- Instant write off for small business assets to the value of $5000.
- Increase to employer super contributions to 12% by 2019.
For details on budget announcements related to the Innovation, Industry, Science and Research Portfolio, visit the Innovation website. For a full copy of the Budget and details on all of the initiatives above, please visit the Budget 2010-11 website.
