Support for Fast-tracking of Tax Relief for Small and Medium Bussinesses in Macquarie
The Treasurer, the Hon Josh Frydenberg MP, has announced that the government will introduce legislation during the next session of Parliament to fast-track tax relief for Australian small and medium businesses.
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.
Liberal Senator for Western Sydney, Senator the Hon Marise Payne, said fast tracking tax relief was a key part of the government’s plan for a strong economy.
“This is good news for the Hawkesbury community - lower company tax means more investment, more jobs and higher wages,” Senator Payne said.
“Our economic plan for a stronger economy is delivering real benefits, and only the Liberal-National government can be trusted to back the hard working business community which is integral to the economic growth of our nation and the livelihoods of thousands of Australians.”
Executive Officer of the Western Sydney Business Centre, which provides advice and support for businesses in the western Sydney region, John Todd, welcomed the fast tracking of tax relief.
“A decrease in the tax rate is a positive step by the Morrison government which will help businesses in our region continue to grow and prosper,” Mr Todd said.
President of the Hawkesbury City Chamber of Commerce, Kerry Spindler, welcomed the Government’s announcement and said she would suggest that business owners talk to their accountants before purchasing assets so they can have a full understanding of the tax relief.
“The tax relief to small to medium business is welcome and appreciated,” Ms Spindler said.
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