TAX cuts for small businesses are central in the Federal Government’s plan to grow the economy and create more jobs, says Moore MHR Ian Goodenough.
“Small business tax cuts are essential if we are to remain competitive with other countries with lower taxes,” he said.
“It also means local small businesspeople have more money to invest in their business, pursue new ideas and create more jobs, as well as having a multiplier effect on the economy.”
Mr Goodenough and Small Business Minister Michael McCormack recently met small businesses in the City of Joondalup to spruik the tax cuts.
“The instant asset write-off provides small business with the incentive to invest in new plant and equipment,” Mr Goodenough said.
The MP said that meant they could expand into new markets and ideas, complementing the government’s latest trade agreements and increased market access.
“Our tax cut plan redefined small business to an annual turnover of $10 million, meaning more small businesses now pay less tax and can access the instant asset write-off.”
Mr McCormack said the tax cuts – to the lowest level in many decades – also meant more small businesses could take advantage of Federal Government support.
“Small business is a big employer across the country, with around 5.5 million Australians employed by a small business at the moment,” he said.
“The government wants the economy to grow and create more jobs, which is why we back small business with a tax cut.
“Every community wants to see more jobs and a bright future. Our plan needs Australians to keep shopping locally.
“By spending money locally, locals complement our tax cuts and support for small business, encouraging small business to grow and – most importantly – create local jobs.”
Cowan MHR Anne Aly said her discussions about the tax cuts with small business owners indicated more needed to be done.
“It’s all well and good to cut a per cent here or there but most businesses don’t think it’ll make a huge difference to their bottom line,” she said.
“Businesses need more people coming through their front door and less fixed costs like payroll tax and land tax. Anything other than that is just tinkering around the edges,” she said.
Visit www.business.gov.au/smallbusiness for more information.