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Australian Chamber welcomes Labor support for small business tax cuts
12 Oct 2018 | Media Release
The Federal Opposition’s decision to support the acceleration of tax cuts for small, medium and family sized businesses has been warmly welcomed by Australia’s largest voice for small business, the Australian Chamber of Commerce and Industry. The decision ensures that small, medium and family sized businesses with a turnover of up to $50 million a year, will have their tax rate reduced to 25 percent by 2021-22.
“This is clearly good for the small business community and we warmly welcome the ALP’s decision to support small, medium and family sized businesses,” Australian Chamber CEO, James Pearson, said today.
“Taking on risk and starting a business is not easy, especially as the costs of doing business continue to rise sharply. A fairer tax rate is critical if we want our small, medium and family businesses to survive and thrive.”
“This is what we need if we want jobs growth to remain strong and if we want to see wages and investment continue to rise.”
“We congratulate the ALP for this decision and the speed with which they made it. This will ensure that businesses have the certainty and the confidence they need to invest and to create jobs.
“The first order of business for Parliament when it resumes next week is clear – pass the bill to bring forward the tax cuts for small, medium and family businesses.”