The Liberal-Nationals Government will deliver additional tax relief to more than 16 800 businesses small and medium businesses in the Groom electorate five years earlier than planned.
“This is good news for the Groom electorate – lower company tax means more investment more jobs and higher wages ” Dr McVeigh said.
“We will introduce legislation during the next session of Parliament fast-tracking our business tax relief for 16 826 small and medium businesses in our region.”
Across the country this will provide tax relief for more than three million businesses that employ nearly seven million Australians.
This means businesses with a turnover below $50 million will face a tax rate of just 25 per cent in 2021-22 rather than from 2026-27 as currently legislated. Similar timing changes will apply to the roll out of the 16 per cent tax discount for unincorporated businesses.
“By fast-tracking this tax relief for businesses in the Groom electorate we will make a more immediate difference to the individual businesses and the people who work for them ” Dr McVeigh said.
“This means that a small business such as an independent supermarket or a pub that makes $500 000 profit will have an additional $7 500 in 2020-21 and $12 500 in 2021-22 to invest back into the business or staff or help to manage cash flow.
This builds on the first stage of company tax relief that our Government delivered in May 2017.
“Our economic plan is delivering for the Groom electorate and the fast tracking of tax relief for small and medium businesses is an important investment in the future economic growth of region and our nation.”