New laws to fast track tax relief five years sooner to small and medium-size businesses in the Wide Bay electorate, are expected to pass in Parliament today, Federal Member for Wide Bay, Llew O'Brien said.
From 2021-22, a business with a turnover below $50 million will have a tax rate of just 25 per cent, five years earlier than planned. Similar timing changes will also apply to the roll out of the 16 per cent tax discount for unincorporated businesses.
"This is great news for the more than 17,500 small and medium-sized businesses, and the people they employ, in Wide Bay," Mr O'Brien said.
"This means businesses will keep more of their own money – that's money they can invest back into their business to create jobs, boost their productivity and grow.
"For example, a small business, such as a café in a commercial centre, that makes $100,000 profit will have an additional $1,500 in 2020-21 and $2,500 in 2021-22," said Mr O'Brien.
"Fast tracking tax relief is part of our plan for a stronger economy and will drive more investment, more jobs and higher wages and builds on the first stage of company tax relief that our Government delivered in March 2017.
"Our plan to fast-track tax relief for Australian businesses is an important investment in the future economic growth of Wide Bay and our nation.
"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, " Mr O'Brien said.