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.
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