Pharmacy Guild welcomes Budget business relief measures and digital support boost
There were a number of measures designed to relieve the regulatory burden on small and medium sized businesses in last night’s Federal Budget.
Treasurer Josh Frydenberg announced the Government will deliver more than $16 billion in tax cuts to small and medium businesses by 2023-24.
This includes reducing the tax rate for small and medium companies, from 30 per cent in 2014‑15 to 25 per cent from 1 July 2021.
The government will also extend temporary full expensing and temporary loss carry-back to provide an additional $20.7 billion in tax relief over the forward estimates to support business investment and create jobs.
“This extension will enable businesses experiencing COVID‑19 related supply disruptions, or considering investing in projects requiring longer planning times, to take advantage of the incentives,” Mr Frydenberg said.
Businesses will also be given tax incentives to enhance their digital infrastructure.
Speaking in response to the Budget, Professor Trent Twomey, national president of the Pharmacy Guild of Australia supported these and other relief measures for small businesses.
Professor Twomey said the allocation of $120 million to help reduce the regulatory burden for business interactions with Government would be welcomed by community pharmacies across Australia.
“As small businesses, the burden of dealing with Government can be a very heavy and time-consuming one,” he said.
“Anything which makes these interactions easier, and frees pharmacists to spend more time with patients, is indeed welcome.
“The announcement that businesses with a turnover of up to $5 billion until June 2022 will immediately be able to write off the full value of any eligible asset they purchase for their business is a boost for pharmacies across Australia”.
The Guild also welcomed the allocation of $421.6 million for improving the My Health Record and supporting small and medium enterprises to expand their digital capability.
“The evolution of digital operating and prescribing systems in community pharmacy is continuing, and any improvement in the access and workability of My Health Record is a very positive move,” he said.