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, helping them to invest and create more jobs. In Kooyong, we are cutting taxes for over 26,600 local small and medium sized businesses.
The Coalition Government has increased and extended the 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 $25,000. More than 1,000 businesses in Kooyong have already utilised this tool to invest in their own success.
The Coalition Government has abolished $6 billion worth of red tape since 2013. This includes introducing simplified Business Activity Statements and establishing a Small Business Superannuation Clearing House to help processing tax and superannuation less time consuming.
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.
These along with hundreds of other decisions are making life easier for small business people in Kooyong.