A business needs a number of things to be successful and profitable. People, sound income and a healthy work environment are just a few. In Queensland right now, there are plans to make it easier for small businesses to operate, and for people to commute, making it simpler to get to work and live a less stressful life.
According to a Chamber of Commerce and Industry Queensland (CCIQ) report from March 17, some vital infrastructure projects have moved through the business case phase and are ready for funding. These projects include:
Aside from a strong future for infrastructure in Queensland, the CCIQ is urging the government to implement a tax cut for businesses that earn up to $10 million in annual revenue.
Better roads and lower taxes for smaller businesses highlight Queensland as the place to be for entrepreneurs and start-ups in particular.
The infrastructure upgrades will affect everyone who uses the motorways – they are projected to provide a benefit-to-cost ratio of 3.8. Anything over a ratio of 1 is said to be worthwhile, so these projects are sure to increase the effectiveness of Queensland roads. Essentially, it means the benefits outweigh the costs of the road improving by 3.8 times.
There will be benefits to travel times, and reduced vehicle operating costs are also possible with better quality road materials, less time in traffic and shorter travel distances (particularly for trains).
Shorter, easier commutes from all around Queensland into major business centres makes it easier for people to live somewhere affordable and still work in the cities. Employees won't have as hard a time getting to work, they won't be as stressed about driving or catching public transport, and they may perform better overall. That's a win-win situation.
A new type of funding model, called a City Deal, is being rolled out in Queensland, and it's making it easier for these important projects to get the funding required to become more than just plans. City Deals have been successfully trialled in the UK, whereby all levels of government formally agree upon a single direction for an issue – in this case, the infrastructure of Queensland. CCIQ believes that City Deals are the future for all government-funded projects.
Proposed tax cuts announced in May 2016 appear unlikely to go ahead, but CCIQ believes there is still a chance that a cut of 2.5 cents to the dollar would benefit government and businesses alike. For any small business that earns up to $10 million in annual revenue, that could mean an increase in profits of $250,000 a year.
Business owners will see that as a major drawcard to doing business in the state, and start-ups or fledgling companies could make the move. If the tax cut is approved, entrepreneurs should seriously consider making the change. Queensland is changing to become a much better place to operate, and those who move early will reap the rewards before a major boom.
With better roads and less tax for small businesses, you could see your company prosper. There are plenty of opportunities for office space leasing on the Gold Coast and around Queensland. If you're interested in finding out more, make sure you get in touch with the team at Ray White Surfers Paradise today.