Federal Casey MP Aaron Violi and shadow finance minister senator Jane Hume, who is also chair of the Cost of Living Committee, visited Breen Printing in Healesville on Monday 26 August.
The two politicians discussed cost of living and operating pressure on small businesses and the Coalition’s policy regarding the instant asset write-off.
Instant asset write-off is a policy through which eligible businesses can claim an immediate deduction for the business portion of the cost of an asset which is first used or installed ready for use in the year.
The Coalition is trying to reintroduce the instant asset write off policy with an increased asset threshold of $30,000 as well as making it a permanent feature of the tax system.
Senator Hume said the instant asset write-off policy proposed by the Coalition would help small businesses thrive in the cost of living crisis.
“The instant asset write off is a policy that worked well in the past. At the moment, it’s at $20,000, that’s the Labor policy and remains at the level that it was at in 2017,” she said.
“Prices have gone up a long way since then, and it’s hard to buy the same equipment for $20,000 now as you did in 2017.
“That’s why it’s so important to bring it up to $30,000 and keep it as a consistent part of the tax system. That’ll allow small businesses to make plans for when they can invest and use their cash flow more nicely.”
The Federal Government rejected amendments by the Senate to increase the threshold to $30,000.
Mr Violi said he wanted to invite senator Hume to discuss and understand firsthand the challenges the local community has.
“As senator Hume said, whether it’s businesses or families, our community is really struggling with the cost of living crisis, so it’s important that we talk to them and understand how we can help,” he said.
“Small businesses and family businesses are the heart of our community here in Casey.
“I’ll continue to support them in every way I can and it’s great to see our businesses continue to grow and thrive even in a challenging environment.”
Mr Violi is in favour of the Coalition’s amendment as he thinks it will help local businesses, in light of his 15 years of experience working in businesses including Yarra Valley Snack Foods prior to getting into politics.
“As seen firsthand, the instant asset write off has many benefits,” he said.
“It allows businesses to invest in productivity. It allows them to invest in machinery that increases their performance which keeps prices down for consumers, and it allows them to continue to grow.
“So it’s a policy I’m really proud to support and something that I’ve advocated for in the two and a half years that I’ve been the member for Casey and will continue to advocate for while I’m in the role.”
Breen Printing is a family owned business located in Healesville, providing quality printing solutions to the Yarra Valley since 1973.
Kirsty and Luke Woodhead took over the business in July 2020 from Ms Woodhead’s parents Derek and Merinda Jones who bought the business in 1985 from the founder Peter Breen.
The current business owners support the Coalition’s idea of instant asset write off.
“It means you can invest in a little bit more and buy something a little bit more which enables you to buy better assets rather than going for a cheaper option,” Mr Woodhead said.
Mr Woodhead said it’s a challenging period with the cost of living pressure but they are trying to learn from it.
“The cost of living is affecting the amount and the types of work that we get,” he said.
“We find it important, as a small business owner, to understand what’s happening in the market, understand that there is a cost of living pressure, so we need to make sure that we’re supporting that in some way not only with our staff but also with the products we’re supplying.
“We need to make sure we remain competitive and we’re able to offer the right products for what people need.”
Liam Hyde-Brody, a second year apprentice at Breen Printing, was chosen as one of the finalists for the 2024 Casey Apprentice and Trainee Awards.
Mr Violi said he was happy to see Mr Hyde-Brody again.
“I wanted to come to Breen Printing because Liam was one of the finalists in my Casey Apprenticeship of the Year Awards,” he said.
“It was a great opportunity to come out and see firsthand what a family-owned local business is doing but also investing in local people and giving young people from Healesville an opportunity to work and live in Healesville.
“It’s something I’m really proud to support.”
Star Mail contacted the Federal Department of Treasury.
