Small business employs a staggering 6.5 million Australians. That’s why the Coalition Government is committed to ensuring its future prosperity.
For small businesses, company tax has been cut to its lowest rate in 50 years – to 27.5 per cent for businesses with a turnover up to $25 million this year increasing to $50 million in 2018-19. These changes will benefit 3.2 million businesses employing 6.7 million Australians, helping them to invest and create more jobs.
The Coalition Government has provided an instant asset write-off for small businesses (with a turnover less than $10 million). This means small businesses can instantly deduct each and every asset under $20,000. Last year, around 300,000 small businesses accessed the instant asset write off to invest in machinery and equipment to help grow their business.
The Coalition Government has abolished $5.8 billion worth of red tape. This includes introducing: simplified Business Activity Statements; a Small Business Superannuation Clearing House; and hundreds of other decisions that are making life easier.
By restoring the Australian Building and Construction Commission we are protecting 350,000 small construction businesses from CFMEU thuggery. By abolishing the (so-called) Road Safety Remuneration Tribunal established by Bill Shorten in 2012, we saved 35,000 owner-operator truck drivers from a hostile union takeover. We will stand up to increasingly radical union leaders, who are demanding more power to strike, more power to run businesses and inspect their books and more deals to entrench their power. Under Labor, union law breakers will become law makers.
Small businesses are getting a fair go through amendments to Competition Law (‘Section 46’) to stop big businesses from abusing market power, new unfair contract legislation and the establishment of a Small Business Ombudsman.
Our landmark export agreements with China, Japan, South Korea and Peru are opening up new opportunities for our goods and services. The Coalition Government is continuing to work to secure better export access for Australian businesses. We took a lead role win negotiating the new Trans-Pacific Partnership – a trade agreement between eleven major economies in our region (collectively worth $13.7 trillion).
The Coalition Government recognises the importance of cash flow for small businesses. That’s why the Government is setting an example by paying our bills on time. 97% of Australian Government bills under $1 million are being paid within 30 days. And now the Government will be required to pay invoices for contract work up to $1 million within 20 days. Federal agencies will be required to publish their payment time performance.
Labor is no friend of small business: