Re­lief fast-tracked

Benalla Ensign - - COMMUNITY VOICE -

Benalla’s small and medium busi­nesses will be able to in­crease prof­its after the Fed­eral Government an­nounc­ing it would fast­track a tax-re­lief plan.

The Fed­eral Coali­tion prom­ise to de­liver the ad­di­tional tax re­lief to 886 000 busi­nesses across Vic­to­ria five years ear­lier than planned.

‘‘This is good news for all Vic­to­ri­ans — lower com­pany tax means more in­vest­ment, more jobs and higher wages,’’ Sen­a­tor Brid­get McKen­zie said.

‘‘We will in­tro­duce leg­is­la­tion dur­ing the next ses­sion of Par­lia­ment, fast-track­ing our busi­ness tax re­lief.’’

Busi­nesses with a turnover be­low $50 mil­lion will have a tax rate of 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 lo­cal busi­nesses, we will also be mak­ing a more im­me­di­ate dif­fer­ence to the 159 000 peo­ple who work for them right across our great state,’’ Sen­a­tor McKen­zie said.

‘‘This means that a small busi­ness, such as an in­de­pen­dent su­per­mar­ket or a pub that makes $500 000 profit, will have an ad­di­tional $7500 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 all Vic­to­ri­ans, in­clud­ing those liv­ing in our ru­ral and re­gional com­mu­ni­ties.

‘‘Fast track­ing of tax re­lief for small and medium busi­nesses is an im­por­tant in­vest­ment in the fu­ture eco­nomic growth of our lo­cal com­mu­ni­ties, our re­gions and our na­tion.’’

Boost: Benalla’s small and medium busi­nesses are set to ben­e­fit from the Fed­eral Government’s tax-re­lief plan.

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