Small business squandered in Labor's hollow plan
HARDWORKING Australian small businesses would be denied a crucial tax cut under Labor’s hollow economic plan, Small Business Minister Michael McCormack says.
“In a lengthy speech which referred to small business only a handful of times, the Opposition Leader made it clear he stands in the way of the Coalition’s plan to create jobs,” Mr McCormack said.
“Mr Shorten wants Australians to believe his foremost priority is jobs – yet today he’s failed at the very first hurdle.
“What Labor fails to realise is, the less money small businesses have to pay in tax, the more money is available to reinvest in their growth and ultimately create new jobs.”
The Coalition Government’s Ten Year Enterprise Tax Plan would reduce the company tax rate for Australia’s small businesses to 27.5 per cent and increase by tens of thousands the number of small businesses to which the tax cut applies. The Plan also enables those additional businesses access to the Coalition’s $20,000 instant asset write-off programme.
Mr McCormack said tax cuts featured highly on his nationwide tour of small businesses and Chambers of Commerce alongside the Australian Chamber of Commerce and Industry late last year.
“From Geraldton to Gippsland, in our largest cities and suburbs, as well as our rural and remote communities, jobs are top of Australians’ minds,” Mr McCormack said.
“Everywhere I go, I meet small businesses such as Rohan Jewellers in Western Australia. With a turnover of between $2 million and $10 million, it has been in operation nine years and employs 12 people, including casuals.
“Its owner Rohan Milne told me of his plan to grow and expand – and how a reduction in the company tax rate and access to the Coalition’s crucial instant asset write-off programme would help him achieve his dream.
“Like millions of small businesses across the country and the five million Australians they employ, Rohan Milne knows a turnover of more than $2 million isn’t a big business - it’s the engine room of our economy.”
Mr McCormack said the speech reflects Labor’s skewed sense of small business.
“What today’s comments show is that Labor stands in the way of a better deal for Austraila’s millions of small businesses.
With legislation currently before the Parliament, Mr McCormack said the Ten Year Enterprise Tax Plan was focused on job creation.
“As a Government made of people who’ve run their own small businesses, who’ve taken risks and employed people, we know it is small business – and not Government – which creates jobs and opportunities for Australians,” Mr McCormack said.
“That’s why we have a plan in Parliament to back small business. We want lower taxes for small business with more jobs for Australians and opportunities for those who want to pursue their dreams.
“But the Labor Party has shown again today just how hollow is it small business support.”