GOVERNMENT SMALL BUSINESS BOOM

On Thursday, the Senate, with the support of the Opposition, passed the recently announced legislation to fast track tax cuts to more than three million small and medium-sized businesses across Australia. In a doorstop interview, Treasurer the Hon Josh Frydenberg MP stated that the cuts will “allow you to grow your business, to invest in your business and create more jobs.”

Minister for Small and Family Business, Skills and Vocational Education, Senator the Hon Michaelia Cash also commented that “these tax cuts, which we have fast-tracked, we’re bringing them in five years earlier than we had planned. Why? Because we’ve put in place a strong economy, meaning that almost 3.3 million small and medium businesses across Australia… will have more money in their back pockets”.

The quick turnaround between announcing the tax cuts would be brought forward and passing the legislation was a big win for the Government, and one that was complemented by Australia’s unemployment rate dropping to 5%, the lowest level recorded since April 2012.

“The participation rate is strong at 65.4% and today those jobs numbers are excellent. In terms of full-time employment, it’s up by 20,000, so these numbers are consistent with the momentum we have seen across the economy as people feel confident in the Government and people feel confident in the economy” said the Treasurer.

More moves were also made in the Government’s bid to reform the GST carve up, with the Senate referring the provisions of the Treasury Laws Amendment (Making Sure Every State and Territory Gets Their Fair Share of GST) Bill 2018 to the Economics Legislation Committee for inquiry on Wednesday.

GOVERNMENT SMALL BUSINESS BOOM

On Thursday, the Senate, with the support of the Opposition, passed the recently announced legislation to fast track tax cuts to more than three million small and medium-sized businesses across Australia. In a doorstop interview, Treasurer the Hon Josh Frydenberg MP stated that the cuts will “allow you to grow your business, to invest in your business and create more jobs.”

Minister for Small and Family Business, Skills and Vocational Education, Senator the Hon Michaelia Cash also commented that “these tax cuts, which we have fast-tracked, we’re bringing them in five years earlier than we had planned. Why? Because we’ve put in place a strong economy, meaning that almost 3.3 million small and medium businesses across Australia… will have more money in their back pockets”.

The quick turnaround between announcing the tax cuts would be brought forward and passing the legislation was a big win for the Government, and one that was complemented by Australia’s unemployment rate dropping to 5%, the lowest level recorded since April 2012.

“The participation rate is strong at 65.4% and today those jobs numbers are excellent. In terms of full-time employment, it’s up by 20,000, so these numbers are consistent with the momentum we have seen across the economy as people feel confident in the Government and people feel confident in the economy” said the Treasurer.