Hockey doesn't expect rorts of tax breaks

Treasurer Joe Hockey says he expects small businesses to take advantage of new breaks in the budget to build the economy.

Treasurer Joe Hockey

Treasurer Joe Hockey doesn't believe small businesses will rort the new tax breaks in the budget. (AAP)

Treasurer Joe Hockey doesn't believe small businesses will rort the new tax breaks revealed in the budget, but will take advantage of them to stimulate the economy.

Small businesses will be able to immediately write off assets worth up to $20,000 as part of the Abbott government's efforts to encourage them to spend more and grow their operations.

"People aren't going to spend money on their business if it's not going to make them a dollar," he told ABC radio on Wednesday when asked if he was worried people would claim plasma TVs and office couches.

But Greens senator Peter Whish-Wilson is not reassured, citing the Henry tax review which recommended a $10,000 threshold.

"This is a cynical exercise in branding the Liberal Party going into a federal election," he told reporters.


Share

1 min read

Published

Updated

Source: AAP


Share this with family and friends


Get SBS News daily and direct to your Inbox

Sign up now for the latest news from Australia and around the world direct to your inbox.

By subscribing, you agree to SBS’s terms of service and privacy policy including receiving email updates from SBS.

Download our apps
SBS News
SBS Audio
SBS On Demand

Listen to our podcasts
An overview of the day's top stories from SBS News
Interviews and feature reports from SBS News
Your daily ten minute finance and business news wrap with SBS Finance Editor Ricardo Gonçalves.
A daily five minute news wrap for English learners and people with disability
Get the latest with our News podcasts on your favourite podcast apps.

Watch on SBS
SBS World News

SBS World News

Take a global view with Australia's most comprehensive world news service
Watch the latest news videos from Australia and across the world