Lower taxes delivered for Hinkler businesses
More than 11,500 small and medium sized businesses in the Hinkler electorate will pay less tax under the Coalition Government’s Ten Year Enterprise Tax Plan passed in Parliament last week.
Federal Member for Hinkler Keith Pitt said reducing the tax burden gives business owners the chance to grow and hire more staff.
“When taxes are lower for small business that money is reinvested in expanding a business, hiring more local people, giving them more hours of work and paying them more.
“Small business makes a big contribution to our economy and I am working hard to help it grow,” Mr Pitt said.
Under the plan, Hinkler businesses with turnovers up to $10 million are now defined as small businesses and will pay a lower company tax rate of 27.5 per cent from this financial year, before eventually falling to 25 per cent.
Cutting the company tax rate and broadening the definition of small business also means more local small businesses can now access the instant asset write-off program.
“The Enterprise Tax Plan means more small businesses can instantly write-off new equipment worth up to $20,000 and claim it back straight away,” Mr Pitt said.
“The Coalition Government believes in practical support for small business and this means cash flow is freed up for small businesses, but this program ends on 30 June 2017, so take advantage now.”
Mr Pitt said small business is the economic lifeblood of regional communities like Hinkler.
“Many are family-run businesses, with mums and dads working long hours, taking few holidays and sometimes taking a risk to provide important services and products to our community.
“The Coalition Government is delivering lower company taxes for these businesses so they can continue to grow and provide more opportunities for locals,” he said.