11 October 2018
The Morrison Government will deliver additional tax relief to 73,000 Gold Coast small and medium businesses, five years earlier than planned.
Local MP Steven Ciobo said this will be a boost to our local economy which depends on the success of small family businesses.
“This is good news for the Gold Coast- lower company tax means more investment, more jobs and higher wages,” Mr Ciobo said.
“We will introduce legislation during the next session of Parliament, fast-tracking our business tax relief for 73,000 Gold Coast businesses, who are the backbone of our economy.”
Across the country, this will provide tax relief for more than three million businesses employing 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 tax relief for Gold Coast businesses, we will make a more immediate difference to the individual businesses and the people who work for them,” Mr Ciobo 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.”
This builds on the first stage of company tax relief that our Government delivered in May 2017.
“Our economic plan is delivering for Gold Coasters, and the fast tracking of tax relief for small and medium businesses is an important investment in the future economic growth of the Gold Coast and our nation,” Mr Ciobo said.
“This is a huge test for Bill Shorten because we know he wants to rip up our legislated tax relief and introduce an extra $200 billion in taxes, which will hurt Gold Coast businesses, Gold Coast workers and Gold Coast jobs.”