21,602 southern Gold Coast small businesses are set to benefit from tax cuts delivered five years early, with the Federal Government passing legislation through the Parliament.
“This is great news for small and medium-sized businesses on the southern Gold Coast and the locals they employ. We are delivering on our commitment and much earlier than expected,” Karen Andrews, Member for McPherson said.
“This means businesses on the southern Gold Coast will keep more of their own money – that’s money they can invest back into their business, to create jobs, boost productivity and grow.”
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.
“For example, a small business such as a café on the southern Gold Coast that makes $100,000 profit will have an additional $1,500 in 2020-21 and $2,500 in 2021-22,” Mrs Andrews said.
“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.”
“The Coalition Government is able to deliver these tax cuts earlier than expected because of our strong economic management, including cutting the budget deficit sooner.”
“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.” Mrs Andrews said.