THERE has never been a better time to do business in Australia, according to Small Business Minister Michael McCormack.
“With tax cuts, an extension to the instant asset write-off, red tape reduction, simplification of the Business Activity Statement and many other initiatives the future looks bright for small business,” Mr McCormack said.
The Minister was buoyed by findings in today’s release of part two of the National Australia Bank (NAB) whitepaper, Moments that Matter: Understanding Australian SMEs. The paper reveals SMEs are confident about the future of their business with 71 per cent believing Australia is a great place to have a business and be successful.
“The NAB whitepaper confirms what small businesses have been telling me as I go around the country – that the Government is listening and delivering for small business,” Mr McCormack said.
“I’m proud the Government has delivered the instant asset write off, slashed red tape by $5.8 billion on an ongoing annual basis and the small business tax rate is the lowest it has been since World War II.
“We’ve delivered while Labor just wants to create uncertainty.
“Australia is a great place to do business, and the Liberals and Nationals in Government continue working to get the balance right to grow small businesses and the economy to create jobs.”
Mr McCormack said NAB’s whitepaper shows that the Government’s plan for small business is working with 84 per cent believing in tax breaks – something Labor fundamentally opposes.
“The Labor Party voted against small business tax cuts, and time and again has refused to rule out a small business tax hike,” Mr McCormack said.
“The Shadow Minister for Consumer Affairs, Tim Hammond, had multiple opportunities on Sky News recently to back small business but instead said Labor would roll-back small business tax cuts by reversing the Enterprise Tax Plan.
“As the Government works to back each and every small business – including our local farmers – with tax cuts and the instant asset write-off, Labor wants to undermine confidence and jack up taxes.
“Labor’s tax grab on small business will hurt our big job creators in regional communities, and attack the confidence and results we see in NAB’s report.”
Mr McCormack said through lower taxes and simpler paperwork the Liberals and Nationals’ Government is enabling small businesses across Australia to grow and invest in their business and create more jobs.
“The Government gets red tape, rising energy bills and unfair taxes are big issues for hard-working families – and we are acting to fix these issues to take the pressure off,” Mr McCormack said.
“The Liberals and Nationals’ plan backs small businesses to grow, invest and hire more Australians.
“If you want economic uncertainty, tax hikes for small business and fewer jobs, then that is what you will get with Labor which has openly stated it wants to roll-back tax cuts which benefit all small businesses and our economy.
“Labor’s complete failure to recognise the important role family trusts play in small business is another example which speaks to its complete lack of experience and understanding of not only the 200,000 businesses directly impacted but all small business.
“Only the Liberals and Nationals are backing small business to grow the economy and create local jobs.”
You can find out more about the Government’s plan to back small business at: business.gov.au/smallbusiness.