Today, the Hon. Craig Laundy MP, the Federal Member for Reid and Assistant Minister for Industry, Innovation and Science, and I visited small businesses at Sydney Markets which stand to benefit from the Government's new corporate tax cuts.
More than 22,000 small and medium sized businesses in the seat of Reid will receive tax cuts so they can grow their company and employ more people as part of the Turnbull Government's visionary Enterprise Tax Plan.
These historic cuts will allow businesses like Sydney Direct Fresh Produce, that operate out the Sydney Markets in Flemington, to keep more of the money they have earnt to invest and grow their business so they can employ more people.
"The Federal Government's cuts to taxes on small business recognise the role that businesses like mine play in contributing to employment and economic activity in my community" said Mr Luke Kohler, Managing Director of Sydney Direct Fresh Produce.
Nationally, these tax cuts will put $5.2 billion back into the hands of small and medium sized businesses to expand on their hard work.
Once the Enterprise Tax Plan is fully delivered, it will permanently increase the size of the economy by 1.2 per cent of GDP – that's more than $17 billion in today's dollars every single year.
More than 3.2 million small and medium sized businesses employing 6.5 million people across the nation will benefit from cutting the tax rate. That is more than half of the Australian workforce.
The Turnbull Government is also pleased to confirm we have delivered on all the tax cuts which were promised during this term of government – inside the first year of the term.
Passing these cuts is critical to growing the national economy because seven out of eight people are employed by private enterprise.
Small and medium sized businesses with a turnover of up to $50 million will benefit from the tax cut while the Turnbull Government remains committed to passing the entire ten-year Enterprise Tax Plan because we know it will grow the economy, increase investment and create more jobs. That ultimately puts more money in the pockets of Australian workers.
The Turnbull Government's national economic plan is fully funded and will grow the economy, creating more jobs in every region.
Information on the tax cuts can be found at: Backing Small Business: Creating jobs, opportunity and growth http://mfm.ministers.treasury.gov.au/publications/
- Minister's Office: (02) 6277 7110
- DFAT Media Liaison: (02) 6261 1555