LABOR SUPPORTS SMALL BUSINESS

A Shorten Labor Government will deliver tax cuts for small and medium businesses with a turnover of up to $50 million a year, delivering certainty to the sector in a fiscally responsible way.

With Labor, small and medium-sized businesses with a turnover of up to $50 million a year will have their tax rate reduced to 25 per cent by 2021-22.

Labor has always been the friend of small business. With a Shorten Labor Government – 99 per cent of businesses will receive a tax cut, no business will have their tax rate increased, and all businesses will be able to plan and invest with confidence and certainty.

Supporting this measure provides certainty to small business ahead of the next election. Labor will deliver the same tax relief for small business as the Coalition, but we’ll do it without cutting schools or hospitals, or increasing national debt.

Labor will accommodate this decision in our budget bottom line by delaying the introduction of the Australian Investment Guarantee by 12 months – building on our record of hard and sensible budget decisions to pay for our priorities. 

Labor has taken difficult decisions to be able to fund its policy commitments – such as making multinationals pay their fair share, reforming negative gearing, the capital gains tax discount, the tax treatment of trusts, managing tax affairs and dividend imputation.

The Liberals haven’t paid for the bringing forward of tax cuts to small and medium-sized business, but Labor will. 

Morrison’s one-point economic plan is to give big tax cuts to big business – and as soon as he thinks they can pass, he will have them back on the table.

Only Labor has a plan to hand over a better deal to the next generation – by fixing schools and hospitals, easing pressure on family budgets, standing up for workers, and building a strong economy that works for all Australians.