Minister Highlights tax relief for Small and Medium sized businesses across the Scenic Rim
Monday, 5 November 2018
The Liberal Nationals Government will deliver additional tax relief to 16,562 small and medium businesses in Wright, five years earlier than planned.
Senator Zed Seselja, Assistant Minister for Treasury and Finance today visited AJ Bush and Sons in Bromelton with Federal Member Scott Buchholz to highlight the tax relief small and medium sized businesses across the Scenic Rim will receive.
Federal Member for Wright, Scott Buchholz welcomed the tax relief meaning 16,562 small and medium businesses in Wright with a turnover below $50 million will face a tax rate of just 25 per cent in 2021-22 rather than from 2026-27 as currently legislated.
“This is fantastic news for our booming Scenic Rim region and businesses like AJ Bush and Sons,” Mr Buchholz said.
“We all know lower company tax means more investment, more jobs and higher wages and by fast-tracking this tax relief for businesses in the Scenic Rim, we will make a more immediate difference to the individual businesses and the people who work for them,
“This means that small and medium sized businesses, such as AJ Bush and Sons with a turnover of $35m will have additional funds due to the tax relief to invest back into the business or staff, or help to manage cash flow.
“Our economic plan is delivering for the Scenic Rim, and the fast tracking of tax relief for small and medium businesses is an important investment in the future economic growth of our region and the nation.”
Assistant Minister Seselja said fast tracking tax relief for small and medium sized businesses like AJ Bush and Sons is an integral part of the Liberal-Nationals’ plan for a stronger economy.
“Our plan to fast-track tax relief for Australian businesses is an important investment in the future economic growth of the Scenic Rim and our nation,” Assistant Minister Seselja said.
“The Coalition Government’s economic plan is delivering. The economy is growing at 3.4 per cent through the year, our AAA credit rating has been reaffirmed and more than a million jobs have been created, as promised.”