Small to medium businesses across Western Sydney welcome fast-tracked tax relief
The Liberal-National Government will deliver additional tax relief to small and medium businesses across western Sydney, five years earlier than planned.
The Treasurer, the Hon Josh Frydernberg MP, has announced that the government will introduce legislation during the next session of Parliament to fast-track tax relief for Australian small and medium businesses.
Businesses with a turnover below $50 million will face a tax rate of just 25 per cent in 2021-22 rather than from 2026-27 as currently legislated. Similar timing changes will apply to the roll out of the 16 per cent tax discount for unincorporated businesses.
Liberal Senator for Western Sydney, Senator the Hon Marise Payne, said fast tracking tax relief was a key part of the government’s plan for a strong economy.
“This is good news for our western Sydney communities - lower company tax means more investment, more jobs and higher wages,” Senator Payne said.
“Our economic plan for a stronger economy is delivering real benefits for [area], and only the Liberal-National government can be trusted to back in the hard working business community which is integral to the economic growth of our nation and the livelihoods of thousands of Australians.”
Executive Officer of the Western Sydney Business Centre, which provides advice and support for businesses in the western Sydney region, John Todd, welcomed the fast tracking of tax relief.
“A decrease in the tax rate is a positive step by the Morrison government which will help businesses in our region continue to grow and prosper,” Mr Todd said.
President of the Penrith Valley Chamber of Commerce and owner of local business Hilary Nathan Photography, Simon Gould, said lowering tax on businesses would help improve the local business environment.
“The Chamber is supportive of any policy that’s beneficial to our members and offers tax relief,” Mr Gould said.
“Whatever improves trading conditions, and allows business owners to reinvest in their businesses or provide more for their families and employees is very welcome.”
Owner of Natural Choice Café in Penrith, Steve Black, said tax relief would help his business to employ more locals.
“Fast tracking these tax cuts will definitely help our business to grow as well as being able to employ more local residents, especially helping with youth unemployment,” Mr Black said
“It will also help us spend more money buying from local suppliers which will benefit everybody in the community.”
President of the Greater Narellan Business Chamber and Director of Pereira Realty Group, Shaun Pereia, said passing tax relief would help enable businesses to grow the local economy which would help foster further job creation.
“This is a great initiative for small to medium business which will assist businesses to reinvest their savings back into the local economy, encouraging employment,” Mr Pereira said.
“This in turn will lead to the improvement of our economy.
“The Camden region sees up to 80 new businesses created each month, further cementing its status as one of the fastest growing Local Government Areas in New South Wales and a location of choice for businesses.
“The Greater Narellan Business Chamber welcomes the fast tracking of these tax concessions and we look forward to being able to assist businesses to see them reinvest funds into the local economy."
President of the Mountains Combined Chamber of Commerce and Community, which incorporates business chambers in Blaxland, Springwood, Hazelwood, Wentworth Falls, Leura, and Blackheath, and co-owner of the Carrington Hotel in Katoomba, Mark Jarvis, said the fast tracking of tax relief would help stimulate the local economy.
“Bringing forward these tax cuts will be a major win for the Blue Mountains business community,” Mr Jarvis said.
“Small to medium businesses are part of the lifeblood of our economy and are major providers of local employment.
“As the co-owner of the Carrington, I welcome tax relief because it will enable me to re-invest back into the Hotel and our workforce, and will enhance our future viability which will provide us with the certainty that we need to grow.”
President of the Hawkesbury City Chamber of Commerce and Nova Employment manager, Kerry Spindler, welcomed the Government’s announcement and said she would suggest that business owners talk to their accountants before purchasing assets so they can have a full understanding of the tax relief.
“The tax relief to small to medium business is welcome and appreciated,” Ms Spindler said.
Manager of The Shed Café at Parramatta, Sam Georges, welcomed the plan to fast track tax relief.
“It is refreshing to see that our current government have small businesses best interests at hand. It can be quite challenging to operate at café, so these changes will definitely be a big help to our café.” Mr Georges said.