More than 16,500 small and medium sized businesses in our region will receive tax cuts so they can grow and create local jobs, as part of the Coalition’s recently delivered Enterprise Tax Plan.
“These historic cuts mean small businesses from our local butcher and newsagent to the local pub are set to keep more of the money they have earnt. This helps businesses to invest and grow so they can employ more people,” Federal Member for Wright Scott Buchholz said.
“Nationally, these tax cuts will put $5.2 billion back into the hands of small and medium sized businesses to expand on their hard work.”
Mr Buchholz said that, once the Enterprise Tax Plan is fully delivered, it is expected to permanently increase the size of the economy by 1.2 per cent of GDP.
More than 3.2 million small and medium sized businesses employing 6.5 million people across the nation will benefit from cutting the tax rate, more than half of the Australian workforce.
“The Coalition Government is also pleased to confirm we have delivered on all the tax cuts which were promised during this term of government – inside the first year of the term,” Mr Buchholz said.
“Passing these cuts is critical to growing the national economy because seven out of eight people are employed by private enterprise.”
Small and medium sized businesses with a turnover of up to $50 million will benefit from the tax cut while the Coalition Government remains committed to passing the entire 10-year Enterprise Tax Plan.
“We know it will grow the economy, increase investment and create more jobs. That ultimately puts more money in the pockets of local workers,” Mr Buchholz said.