Tax cuts for small and medium sized businesses in Wide Bay
NEW tax cuts will help more than 17,574 small and medium sized businesses in the Wide Bay electorate grow their company and employ more people.
Member for Wide Bay Llew O'Brien has welcomed the historic tax cuts, saying they will boost jobs in the Wide Bay electorate.
"This will allow small and medium businesses like the local butcher, the fish and chip shop on the corner, or the homewares stores down the main street to keep more of the money they earn, which they can re-invest into their business to create more jobs," Mr O'Brien said.
Across Queensland, 540,250 businesses will benefit from the cuts.
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 Coalition Government has 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 10-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.
In contrast, Bill Shorten has no plan for job creation and no plan for growing the economy.
The Coalition government's national economic plan is fully funded and will grow the economy, creating more jobs in every region.