Small businesses in the Beaches will benefit from improvements the Coalition Government is making to employee share schemes which are designed to help attract, retain and motivate employees.
The Government’s proposed changes include doubling the value limit of eligible financial products that can be offered to $10,000 per employee, per year.
Jason Falinski said that employee share schemes allow employees to invest in the business for which they work, allowing them to share in the growth and success of the business.
“In the Beaches, there are more than 10,000 small businesses which will benefit from these proposed changes,” Mr Falinski said.
“The current regulatory framework is quite complex and ultimately discourages businesses – particularly, small businesses – from offering employee share schemes.
“These changes will reduce the time and cost burden for businesses, improving access for employers and employees alike.”
The initiative is particularly important for start-ups in early stages of growth and builds on changes already implemented by the Coalition Government to make employee share schemes more accessible to small business.
“These changes are part of our plan to back small business and strengthen our economy,” Mr Falinski said.
“The Coalition Government is lowering taxes for small businesses, we have cut nearly $6 billion worth of small business red tape for them and we have extended the $20,000 instant asset write-off.”