Small business boom from Coalition tax plan
CITY or country, in the suburbs or our smallest towns and villages, 2.1 million small businesses are the realisation of the dreams and aspirations of Australians and employ almost five million people.
With more than 45 per cent of Australians’ employment and a $380 billion boost to our economy each and every year, there is not a person nor a community which is untouched by small business.
Everyone of us wants to see more jobs with higher wages, more services available locally and resilient communities ready for the needs of our children and our children’s children.
This week the Government introduced a Bill to Parliament which will do just that – our Ten Year Enterprise Tax Plan.
It’s a plan to reduce the company tax rate for small business to its lowest level in five decades. It will make more Australian businesses internationally competitive and enable our risk-takers to grow more, employ more people at higher wages and to take the next step in expanding their business.
It will also increase by 90,000 the number of small businesses which are eligible for the $20,000 instant asset write-off programme, as well as the lower tax rate we seek.
Many MPs in this Government have done exactly what I have – run their own small businesses, taken risks and employed people.
We know a business with an annual turnover of $2 million is not a big one – and we want more Australians taking a risk and having a go. We want Australians to pursue their dream.
Here’s a bit more information on our plan and a video of a speech I gave in Parliament this week about small business: http://mfm.ministers.treasury.gov.au/media-release/007-2017/