Tasmanian small businesses to benefit from fast-tracked tax relief
More than 37,500 small and medium sized businesses in Tasmania will pay less tax sooner with the Federal Liberal Government moving to fast-track tax relief, 5 years earlier than planned.
The announcement today shows the Federal Liberal Government is focused on creating more jobs and higher wages in Tasmania.
“Next week, the Government will introduce legislation to fast track these tax cuts for more than 37,500 small businesses in Tasmania. With more than 100,000 Tasmanians working in small business, this important reform will help to turbo-charge the small business sector in our state,” Senator Abetz said.
“With more than 97% of Tasmanian businesses being small or medium sized businesses, today’s announcement means that a small business, such as an independent supermarket or a pub, that makes $500,000 profit, will have an additional $7,500 in 2020-21 and $12,500 in 2021-22 to invest back into the business or staff, or help to manage cash flow,” Senator Colbeck said.
“The Prime Minister who visited a number of Tasmanian small businesses just last week understands how important it is to fair go for those who have a go and today’s announcement builds on the State and Federal Liberal Government’s strong economic management that has led to more than 17,000 jobs being created since 2013,” Senator Duniam said.
“The legislation that delivers this additional tax relief will be a major test for Bill Shorten – does he support Tasmanian businesses, Tasmanian workers and Tasmanian jobs? Or is Bill Shorten’s only plan for the economy to introduce an extra $200 billion in taxes?,” Senator Abetz concluded.