18 October 2018 – The Federal Government will this week introduce legislation that will bring forward tax cuts for businesses with a turnover of less than $50 million.
The move, supported by the Federal Opposition, means Australia’s 3.3 million small and medium sized businesses with turnovers under the $50 million mark could see their tax rate fall to 25 per cent by 2022 – five years ahead of the previously scheduled cuts.
With more than 7 million Australians employed by small to medium sized businesses, Minister for Small and Family Business, Skills and Vocational Education Michaelia Cash said, “Bringing forward these tax cuts will be a shot in the arm for the small and family business sector, leading to more investment, increased employment opportunities for Australians and putting upward pressure on wages.”
Minister Cash went on to highlight the Government’s track record in supporting small to medium sized business to date saying, “The Coalition Government has delivered extensively for small and family businesses. In this year’s Budget we extended the instant asset write off for another twelve months and we committed $20 million for SME Export Hubs to help Australian small and medium enterprises work together to access export markets and global supply chains.
“We also committed $17.7 million to expand the Entrepreneurship Facilitators program to support entrepreneurs, including in regional Australia and for older workers, who are considering establishing their own business.”