Economics
Policy
Practice
Liberal National Coalition Government announces tax cuts for small business
Freya Lucas
Oct 12, 2018
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The Federal Government has brought forward tax cuts to businesses with a turnover of less than $50 million by five years, in an announcement released by Minister for Jobs and Industrial Relations/Minister for Women Michaelia Cash yesterday.
Calling the announcement a big win for the small business sector, Ms Cash said "The Coalition Government has consistently delivered for the 3.3 million small and medium businesses in Australia, which employs almost 7 million Australians."
Moving the tax cuts forward was described in the announcement as an example of the Government delivering for small business.
"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." Ms Cash said.
It is hoped by the Minister that the Labor Party will support the tax cuts and move them through the Parliament. "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," she said.
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