Small business to receive tax relief five years early
- Minister for Jobs and Industrial Relations
- Minister for Women
The Liberal-National Coalition Government has again shown that it is delivering for small and family businesses, the engine room of our economy, by bringing forward tax cuts to businesses with a turnover of less than $50 million by five years.
Minister for Small and Family Business, Skills and Vocational Education Michaelia Cash said this was a big win for the small business sector.
"The Coalition Government has consistently delivered for the 3.3 million small and medium businesses in Australia, which employs almost 7 million Australians," Minister Cash said.
"Bringing forward these tax cuts will be a shot in the arm for the small and family business sector, leading to more investment, increased employment opportunities for Australians and putting upward pressure on wages."
Minister Cash said it is now up to Bill Shorten and the Labor Party to support these tax cuts through the Parliament.
"Bill Shorten has previously promised to impose a $200 billion tax hit on the Australian economy, by targeting small and medium businesses, retirees and pensioners."
"Mr Shorten now has a clear choice - support the Government’s plan to provide tax relief for small and family businesses or see less investment, lower economic growth and fewer job opportunities."
Minister Cash said the move by the Coalition Government to bring forward the tax cuts was another example of the Government delivering for small business.
"The Coalition Government has delivered extensively for small and family businesses. In this year’s Budget we extended the instant asset write off for another twelve months and we committed $20 million for SME Export Hubs to help Australian small and medium enterprises work together to access export markets and global supply chains.
"We also committed $17.7 million to expand the Entrepreneurship Facilitators program to support entrepreneurs, including in regional Australia and for older workers, who are considering establishing their own business."