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.

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