Thousands of small and medium-sized businesses in Stirling will receive tax relief sooner, with new laws for the sector passing through Parliament today.
Companies with an annual turnover less than $50 million will now receive a tax rate of just 25 per cent, five years earlier than originally planned. From 2021-22, the 16 per cent tax discount for unincorporated businesses will also apply.
“This is a significant announcement for more than 17,000 small and medium-sized businesses in Stirling, and their employees,” Federal member for Stirling Michael Keenan said.
“This means they will keep more of their own money which they can invest back into their businesses – to create jobs and boost their productivity.”
For example, a small business that makes a $100,000 profit will have an additional $1,500 in 2020-21 and $2,500 in 2021-22.
“Fast tracking our tax relief is part of our plan for a stronger economy and will drive more investment, jobs and higher wages.
“The Coalition Government’s economic plan is already delivering – the economy is growing at 3.4 per cent, our AAA credit rating has been reaffirmed and more than a million jobs have been created.”