FRESH from the 2017 Federal Budget, Small Business Minister Michael McCormack visited the Sunshine Coast today to meet with local businesses to discuss the benefits from the Government’s company tax cuts and 2017 Budget measures, Member for Fisher Andrew Wallace says.
“The 2017 Federal Budget has delivered for 40,000 small businesses throughout the Sunshine Coast. Small business is central in the Federal Government’s plan to grow the economy and create more jobs,” Mr Wallace said.
The visit, at the invitation of Mr Wallace, formed part of Mr McCormack’s nationwide small business roadshow. Mr McCormack visited Australian Off Road in Caloundra, then held a town hall meeting with local business leaders at a Kawana hotel, following a recent cut in the small business tax rate.
“The Federal Government has cut the company tax rate for small business to 27.5 per cent – its lowest level in many decades. From running my own small business I know any tax break you receive will go back into the business, to help it expand and create more jobs,” Mr Wallace said.
“Small business is a very big employer on the Sunshine Coast, and the Federal Government wants them to hire even more people.”
Small Business Minister Michael McCormack said the Budget extended access to the instant asset-write off and delivers incentive payments to cut red tape for small business.
“Around Australia, I have heard stories of how our instant asset write-off programme helps small businesses to grow, to pursue new ideas and to employ more people,” Mr McCormack said.
“I took that feedback to the Budget process and the Government has extended the programme for an additional year.
“This enables small businesses to purchase the equipment their business needs under $20,000 and write it off instant against their tax.
“I have also heard how challenging unnecessary red tape is for small business – something I remember from my own eight years in small business – so we have $300 million to State and Territory Governments in an incentive to cut red tape even further.”
Mr McCormack said the recently-legislated tax cut was not supported by the Labor Party.
“When we cut small business taxes to the lowest level in decades, Labor voted against it,” Mr McCormack said.
“And since then Labor has made clear it will cut access to the instant asset write-off and scrap the incentive for red tape reduction.
“Andrew Wallace and I back small business, because it creates jobs every day. Now it’s clear all Labor will do is stand in the way.”
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