Grant Thornton Tax Partner Yan Wong expects to see an economic boost from the individual and company tax concessions outlined in the budget.
“South Australia contributes about 7 per cent of individual tax payers and the government estimates the overall tax benefit of these cuts will be about $A146 billion over 10 years,” he said. “If we get our 7 per cent chunk of that money you can quite easily see it’s a big amount of money for business and consumers in South Australia.”
Research and development concessions for small businesses with turn over under $A20 million dollars and an asset write-off up to $A20,000 could also create some windfalls for business owners, Wong said, including cash-flow benefits and the ability to invest in technology or equipment with additional subsidies.
Angove said the changes were great news for the wine industry, which she cited as critical to South Australia’s economic health.
“We employ around 9,000 people as an industry let alone the multipliers that come by from tourism and other suppliers of services to the wine industry and we are very optimistic about the state of the international wine opportunity for South Australian wine,” she said.
“Internationally we have a situation where demand is growing beyond supply; it’s never been healthier than it is today.”
Alan Read is South Australia Corporate Agriculture Director at ANZ