“This is great news for the hundreds of thousands of small businesses in the building industry. It will allow them to invest back in their business and expand the number of people they employ. Said HIA Acting Chief Executive of Industry Policy Tim Reardon.
More than 370,000 building businesses will benefit from the Government’s decision to fast track tax relief for SMEs.
“The welcome announcement that the Federal Government intends to bring forward the small business tax cuts will boost investment and employment with these benefits spread widely across the Australian economy,” Australian Industry Group Chief Executive, Innes Willox, said.
“While it is not a surprise, the rejection by the Senate of the remainder of the Government’s Enterprise Tax Plan and its subsequent withdrawal by the Government is a major setback for Australian competitiveness and, ultimately, also a setback for future living standards, Mr Willox, Chief Executive Innes Willox said.
The Australian Taxation Office (ATO) has published the income tax gap for individuals not in business. The gap is an estimate of the difference between the tax the ATO collects and the amount that would have been collected if every one of these taxpayers was fully compliant with the law.
The state’s peak business organisation, the NSW Business Chamber, has outlined measures that would reduce the administration burden faced by businesses which pay payroll tax.
Hundreds of businesses in the Greater Bendigo region have already claimed more than $5.4 million in payroll tax savings, making it easier for businesses to create jobs.
“Master Builders applauds Labor’s decision to reverse its earlier decision to repeal tax cuts for small businesses that turnover between $10 million and $50 million,” Denita Wawn, CEO of Master Builders Australia said.
“The decision of the Shadow Cabinet to recognise the deep concerns of the business community and to now support company tax reductions for businesses with turnovers of less than $50 million a year, is welcome,” Ai Group Chief Executive, Innes Willox, said.
“While disappointed that the plan to phase in a reduction in the company tax rate to 25% over the coming decade has not attracted sufficient support to be put to the Senate in this current session, we are heartened by the Government’s commitment to stick to its guns and renew its efforts in the months […]