On Thursday, the Morrison Government announced its own addition to its economic policy reform, promising to bring forward tax cuts for small to medium businesses with a turnover of less than $50 million by five years, with a new start date of 2021.
Minister for Small and Family Business, Skills and Vocational Education, Senator the Hon Michaelia Cash, stated that this announcement 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. 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” she said.
On Friday, Labor announced that it would back the move.
“Supporting this measure provides certainty to small business ahead of the next election. Labor will deliver the same tax relief for small businesses as the Coalition, but we’ll do it without cutting funding to schools or hospitals, or increasing national debt,” said Shadow Treasurer, the Hon Chris Bowen MP.
Latest posts by Team Nexus APAC (see all)
- MUCH MORE NEEDED TO CLOSE THE GAP - February 15, 2019
- HAKEEM RETURNS HOME - February 15, 2019
- MEDIVAC BILL - February 15, 2019
