RELATED COVERAGE
Subscribe now for unlimited access.
$0/
(min cost $0)
or signup to continue reading
Tobacco excise increase to deter smokers
A TOBACCO excise increase will deter young people from taking up the habit, a Port Macquarie smoker believes.
The smoker of 23 years, who wanted to remain anonymous, said the price of a packet of cigarettes was already ridiculous.
The cost of cigarettes will rise with the federal government to increase tobacco excise and excise equivalent customs duties through four annual increases of 12.5 per cent a year from 2017 until 2020.
The increases will take place on 1 September each year.
The Port Macquarie smoker hopes to quit.
"I won't be able to afford it," he said about smoking.
"It [the excise increase] is a bad thing but I can see the good points of it."
He believes the positives include deterring younger people from taking up smoking, as well as the health benefits of quitting smoking.
The four annual increases will take Australia's excise on a cigarette to almost 69 per cent of the average price of a cigarette, which is close to the World Health Organisation recommendation of 70 per cent of the price of a cigarette.
The government will also limit the duty free tobacco allowance from July 1 next year to 25 cigarettes or equivalent from the current allowance of 50 cigarettes.
Businesses have chance to grow
SMALL and medium businesses have been given the opportunity to grow, innovate and employ more staff as a result of a supportive Federal Budget.
That's the view of the state's peak business group, the NSW Business Chamber.
Mid North Coast NSW Business Chamber regional manager Kellon Beard said for some time the NSW Business Chamber had been articulating the need to extend the threshold at which a small business paid the lower company tax rate, and the government responded with very clear support for the small business sector.
From 1 July, the small business company tax rate will reduce to 27.5 per cent.
Mr Beard said more importantly, the turnover threshold increases substantially from an annual figure $2 million to $10 million.
"The threshold extends each year up to $100 million by 2019-20, meaning that more businesses will benefit from the reduced company tax rate and more importantly, a company won't be penalised for their ongoing successes," he said.
Charles Sturt University responds to Budget
CHARLES Sturt University has welcomed the scrapping of the university fee deregulation policy.
The university's Vice-Chancellor Professor Andrew Vann said the policy would have had a significant impact on rural, regional and Indigenous students from low socio-economic status families.
"It is important to remember that rural universities have higher costs in delivering learning and
research services to a widely dispersed population while playing an important role in providing
the targeted skilled workforce to meet industry and rural needs," Professor Vann said.
But Professor Van said news from the federal government in the Budget that a 20 per cent cut to higher education funding is still on the table unfortunately has come as no surprise.
"While we understand that the government must make difficult choices in challenging economic times, CSU opposes any funding cuts which are taxation by another name and will have a disproportionately negative effect on regional students and communities," he said.
Budget benefits small business and employment: Lyne MP
A REAL game changer for employment and for small business is the way Lyne MP Dr David Gillespie describes the Federal Budget.
The Lyne electorate has more than 10,000 small businesses and youth unemployment is above the national average.
Dr Gillespie said the Coalition government would invest in a new $840 million Youth Employment Package including a youth bonus wage subsidy to give business stronger incentives and greater flexibility in hiring job seekers under the age of 25 years including subsidies of between $6,500 and $10,000.
From January 1, 2017, employers will be eligible for a youth bonus wage subsidy if they hire a young job seeker who has been in employment services for six months or more.
"I have visited and spoken to many small business owners in my electorate and listened to some of their ideas about how we might encourage and help them improve and expand their businesses and employ more people," Dr Gillespie said.
"These wage subsidies will create a strong incentive for employers to consider hiring unemployed youth as well as encouraging and supporting self-employment and entrepreneurship among young people."
Dr Gillespie said as well as lowering the small business tax rate to 27.5 per cent on July 1, our small business package will make the small business tax concessions available to tens of thousands of additional businesses from 1 July 2016, including thousands of our local businesses."