Small medium and family businesses are the backbone of the Australian economy especially in Toowoomba and the Darling Downs.
Federal Member for Groom John McVeigh said the Liberal and Nationals Government has already lowered taxes for around 3.4 million small and medium-sized businesses employing over 7 million workers to help them get ahead and create jobs.
The Coalition’s plan for lower tax for more than 18 000 small businesses in the Groom electorate will:
• Fast-track the company tax rate cut to 25 per cent for small and medium sized businesses. A lower tax rate means more money to reinvest back into the business and create more jobs for Australians.
• Increase the Instant Asset Write Off to $30 000 and extend it to medium businesses. That will help businesses to get the equipment tools and vehicles they need.
The Coalition Government’s economic plan is in strong contrast to Bill Shorten and Labor who want to hurt Australians with higher taxes on mall and family businesses retirees housing income investments electricity and cars.
“I’m proud of the Coalition Government’s record on backing small businesses in Toowoomba and the Darling Downs but it is clear Bill Shorten just has a plan for higher taxes ” said Dr McVeigh.
“Each and every one of Labor’s higher taxes are bad for our small businesses.
“Not only would small medium and family businesses in Toowoomba and the Downs suffer directly from higher taxes they would be hurt by the flow-on effects of a weaker economy ” he said.
“Bill Shorten and Labor want to be the highest taxing Government in Australia’s history. They are proposing a dangerous experiment our economy can’t afford.
“Bill Shorten and Labor do not believe in enterprise and aspiration. They seek to weaken our economy and provide less opportunity for small business to thrive.”