Labor pledges tax cut for small business
Opposition leader, Bill Shorten has pledged a tax cut for small business that he said will create more jobs.
Bill Shorten said at Labor’s campaign launch in Brisbane that, if elected, his party will cut taxes for all businesses with an annual turnover of up to $10 million that employ someone aged under 25 or over 55.
“Under our Labor government, small businesses up to $10 million will be able to claim an additional 30 per cent tax deduction on the salary for up to five employees,” Mr Shorten said.
He added that the tax cut will also be available to businesses that employ a carer or a parent trying to get back into the workforce.
Labor estimates that some 20,000 people will benefit from this measure per year.
Free legal advice service
Last week Labor announced its plan to establish a free legal advice service for small businesses and farmers in dispute with financial service providers.
Through this initiative, small businesses and farmers should get free legal advice as soon as a dispute arises.
The Australian Small Business and Family Enterprise Ombudsman, Kate Carnell, welcomed Labor’s announcement.
“Small businesses and farmers would also be able to call on this advice to prepare for past cases to be considered by AFCA under its extended remit – to consider eligible financial complaints from small businesses dating back to 1 January 2008,” Ms Carnell said.
“The court system is expensive and is extremely time-consuming; money and time are two key things that small business owners don’t have,” she explained.