12 October 2018

In a boost for local small business operators, local Member of Federal Parliament Madeleine King MP has confirmed a Shorten Labor Government will deliver tax cuts for small and medium businesses with a turnover of up to $50 million a year.

Ms King said this would deliver certainty to small businesses in a fiscally responsible way.

“Growing up, my mum and nan were small business owners who ran the Family Traders drapery store on Railway Terrace in Rockingham,” Ms King said.

“I know how important certainty is when running a small business and this announcement delivers where it counts.”

Under Labor’s plan 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.

This will deliver a tax cut to 99 per cent of businesses, 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 will do it without cutting schools or hospitals, or increasing national debt.