Our plan for lower taxes for small business

  • Small business are the beating heart of the Australian economy.
  • And when I say the heart I mean it.
  • They give many young Australians their first go on the path to a long career.
  • They are getting up and opening their doors at 6am each morning so you can have that coffee that kick starts your day.
  • They are down at the sidelines each weekend watching the kids run out onto the field in their new jerseys.
  • And it’s not for the faint-hearted. Having a go comes with a lot of responsibility.
  • You have the responsibility for your family’s prosperity, the incomes and welfare of your employees and the opportunities of your community.
  • Because they are the heart of our economy, when small businesses are healthy all Australians are better off.
  • When you work hard, build your business and invest in your community you are having a go.
  • And you will get a go under the Morrison McCormack Government.
  • That’s what the Morrison McCormack Government believes in – giving it a go.
  • That’s why we are backing small business in. We are backing them to invest in their business. We are backing them to employ more workers. We are backing them to grow their business.
  • The Morrison McCormack Government has a clear plan to lower taxes for small businesses right across Australia.
  • Our plan to back small business means more jobs, more choice, better living standards and more vibrant and connected communities.
  • And we are doing this with Our Plan for Lower Taxes for Small Business which has already delivered lower taxes for small and medium businesses and outlines how we are doing more.
  • We have fast tracked small and medium businesses moving to a lower corporate tax rate. We have already lowered the tax rate from 30 per cent to 27.5 per cent and this rate will be cut further to 25 per cent by 2021-22 – five years earlier than planned. Around 3.4 million small, medium and family businesses employing over 7 million workers have already benefitted.
  • We have increased and expanded the instant asset write-off to $30,000 for businesses with a turnover up to $50 million. Small businesses receive the benefit for each and every asset under $30,000 they invest in. It means the local café can get a new fridge or grill, a plumber can buy new tools or a courier a new van.
  • The Morrison McCormack Government has also set a speed limit on taxes as a share of our economy. We are ensuring that our strong economy isn’t burdened with higher and higher taxes.
  • While we believe in small business, Labor don’t and have to be shamed into supporting small businesses. They argue, they backflip but they eventually come around. But not this election – this election they are shameless. They are blatantly making life harder for our already hard-working small businesses with $387 billion of higher taxes.
  • Each of every one of Labor’s new taxes are bad for small businesses across Australia:
    • Labor’s $230 billion income tax and $6.5 billion deficit levy will make it harder enterprising and aspirational small business owners and our economy will weaken making it ever harder.
    • Labor’s $31 billion housing tax will make it harder for small business owners who rely on the equity in their homes to access finance and those who don’t with higher rents. Our tradies will directly feel the impact of the drop in building activity and our economy will weaken making it even harder.
    • Labor’s $57 billion retiree tax will diminish the value small business owners have built up in their business and our retirees will no longer be able to afford to be out participating in their local economy making it even harder.
    • Labor’s $27 billion family business tax is the most appalling of all the taxes on small business. Bill Shorten wants small family businesses taxed at the same rate as large multinational companies. 300,000 small family businesses that use trusts for asset protection, estate planning and cash flow.
    • Labor’s $34 billion in superannuation taxes will make it harder for entrepreneurs working another job while they start up their business reducing the incentive for them to save for their retirement. 800,000 Australians currently benefit from deducting personal superannuation contributions where more than 10 per cent of their income is from outside their business.
    • Labor’s $2 billion tax return tax will make it harder for many sole traders. They may no longer be able to afford the important advice they need.
    • Making matters worse the $387 billion doesn’t take into account Labor’s electricity tax and car tax which will push up the cost of doing business and mean businesses may not be able to purchase the vehicles they need to get the job done.
  • The choice at this election is clear. Bill Shorten and Labor have a $387 billion plan for higher taxes.
  • Labor’s higher taxes will weaken our economy. We have a plan to strengthen our economy and with that strengthen small and family businesses across Australia.
  • /National Party's Public Release. The material in this public release comes from the originating organization and may be of a point-in-time nature, edited for clarity, style and length. View in full here.