According to a statement released by Small Business, Investment and Trade Minister Martin Hamilton-Smith, operators and employees in South Australia’s Small to Medium Business sector play a key role in transforming the local economy and the sector is a big winner in the 2017-18 State Budget handed down on 22 June.
The Minister said grants to encourage small businesses to employ more people, invest in innovation and entice companies to relocate to South Australia are among the key planks in the latest South Australian budget.
Key small business budget initiatives relevant to retail include:
- A new permanent payroll tax rate of 2.5 per cent in South Australia for small businesses with payrolls between $600,000 and $1 million. The Budget will also extend payroll tax discounts to businesses with payrolls between $1 million and $1.5 million, benefiting an additional 1,300 businesses in this bracket.
- In a measure designed to boost employment among young people, businesses that register a new employee for a Job Accelerator Grant (JAG) will receive an extra $5000 if the person employed is an apprentice or trainee. The expanded scheme means businesses with payrolls between $600,000 and $5 million will receive up to $15,000 for each apprentice or trainee above current staffing levels, while small businesses with payrolls up to $600,000 will receive up to $9000. For more, visit https://www.revenuesa.sa.gov.au/grants-and-concessions/jobacceleratorgrantscheme
- The State Government has maintained the $10 million Small Business Development Fund, comprising Start-up Business and Expansion grants and expanded the Export Partnership Program.
Click here to download the SA Budget Overview>>