Tax break for small and medium-sized busi­nesses

Chinchilla News - - NEWS -

SMALL and medium-sized busi­nesses in Mara­noa will pay less tax five years sooner, with new laws fast track­ing tax re­lief for the sec­tor pass­ing Par­lia­ment, Mem­ber for Mara­noa David Lit­tleproud an­nounced on Mon­day.

Mr Lit­tleproud said peo­ple in Mara­noa de­served a gov­ern­ment that “re­wards hard work, en­cour­ages per­sonal re­spon­si­bil­ity, and al­lows them to keep more of what they earn”.

“We want to give busi­nesses in Mara­noa the op­por­tu­nity to in­vest in their busi­ness, boost pro­duc­tiv­ity, and cre­ate new jobs,” he said.

“More than 16,000 small busi­nesses in Mara­noa are set to ben­e­fit from this tax re­lief.”

From 2021-22, a busi­ness with a turnover be­low

$50 mil­lion will have a tax rate of just 25 per cent, five years ear­lier than planned.

Sim­i­lar tim­ing changes will also ap­ply to the roll out of the 16 per cent tax dis­count for un­in­cor­po­rated busi­nesses.

“For ex­am­ple, a coun­try pub that makes $200,000 profit will have an ad­di­tional $3000 in 2020-21 and $5000 in 2021-22,” Mr Lit­tleproud said.

“This goes a long way in our re­gional and ru­ral com­mu­ni­ties.

“I know that if small and medium-sized busi­nesses are pay­ing less tax to the gov­ern­ment then they are more able to pay bet­ter wages to their em­ploy­ees.

“The fast-tracked tax re­lief builds on the first stage of com­pany tax re­lief that our Gov­ern­ment de­liv­ered in March 2017.”

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