Additional tax relief will be provided to 15,520 small and medium businesses in Banks five years earlier than planned, Banks MP David Coleman said.
The Liberals-Nationals Government will introduce legislation during the next session of Parliament, fast-tracking our business tax relief for over 15,000 small and medium businesses in Banks, Mr Coleman said.
“This is good news for our local area, as lower company tax means more investment, more jobs and higher wages,” he said.
“Across the country, this will provide tax relief for more than three million businesses that employ nearly seven million Australians.
“This means businesses 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. Similar timing changes will apply to the roll out of the 16 per cent tax discount for unincorporated businesses.
“By fast-tracking this tax relief for businesses in Banks, we will make a more immediate difference to the individual businesses and the people who work for them,” Mr Coleman said.
“This means that a small business, such as an independent supermarket or a pub that makes $500,000 profit, will have an additional $7,500 in 2020-21 and $12,500 in 2021-22 to invest back into the business or staff, or help to manage cash flow,” Mr Coleman said.
“This builds on the first stage of company tax relief that the Government delivered in May 2017.”
