Kevin Rudd Pledges $10,000 Worth Of Tax Deductions For Small Businesses Immediately Following The Election

Getty/ Stefan Postles

Prime Minister Kevin Rudd has announced that small businesses will receive tax deductions worth up to $10,000 immediately following next Saturdays federal election.

The combined tax benefit of the scheme, including existing measures for small businesses, would add up to more than $5.4 billion to entice large scale projects to use local suppliers rather than sourcing from overseas, reports Sky News.

Rudd also announced all projects worth over $300 million will adopt Australian Industry Participation Plans.

The move is expected to generate up to $624 million in extra work for Australian industry and jobs every year, according Sky.

‘We also want an Australia with vibrant small businesses, where your small business can become a medium-sized and then one of the big businesses of the future through the sheer power of your enterprise,’ Rudd said at today’s Labour campaign launch in Brisbane.

Read more here.

NOW WATCH: Briefing videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.