CRAIG’S
position
ON THE
ISSUE
“Small and family business is the engine of jobs growth in Australia – and we must support those who back themselves to succeed.”
- Craig Laundy MP

The Coalition Government recognises that in order to have a prosperous economy, we must create the appropriate environment for businesses to operate and expand.

For this reason, one of the first pillars of our small business policy has been to cut red and green tape, ensuring that at least $1 billion per year is saved by business. We believe this will benefit small and family business above all because of the disproportionate burden that it traditionally has been on them.

Lower and simpler taxes are also a key part in encouraging business to reinvest and expand their operations. This will also ensure that Australia continues to be attractive to capital investment, both domestic and foreign.

GET
THE
FACTS
KEY
POINTS

Providing tax relief to encourage and reward working Australians

While the economy is continuing to strengthen and the budget position is improving, many Australians are experiencing cost of living pressures.

The Government has legislated tax cuts for around 3.3 million small and medium Australian businesses employing 6.8 million workers with annual turnover up to $50 million, as part of the Ten Year Enterprise Tax Plan.

The Government has legislated tax cuts for around 3.3 million small and medium Australian businesses employing 6.8 million workers with annual turnover up to $50 million, as part of the Ten Year Enterprise Tax Plan.

Tax relief for low and middle-income earners is the first priority of the Turnbull Government’s seven-year plan to make personal income tax in Australia lower, fairer and simpler.
By 2024-25 around 94 per cent of taxpayers are projected to face a marginal tax rate of 32.5 per cent or less compared with 63 per cent if we leave the system unchanged.

Backing businesses to invest and create more jobs

The Turnbull Government’s national economic plan is delivering a stronger economy, record jobs growth and a recovery in non-mining business investment. The Turnbull Government is driving economic growth by legislating tax cuts for all businesses, prioritising small to medium businesses, delivering infrastructure that supports industries and jobs, and targeting incentives to promote research, development and new technology. This will make our businesses more competitive so they can grow and hire more Australians.

Instant Asset Write-Off

The Coalition Government has provided an instant asset write-off for small businesses (with a turnover less than $10 million). This means small businesses can instantly deduct each and every asset under $20,000.

Last year, around 300,000 small businesses accessed the instant asset write-off to invest in machinery and equipment to help grow their business.

Cutting Red Tape

Excessive regulation stifles our economic prospects and impedes the work of Australia’s businesses and community organisations.

The Coalition Government has abolished $5.8 billion worth of red tape. This includes introducing: simplified Business Activity Statements; a Small Business Superannuation Clearing House; and hundreds of other decisions that are making life easier.

Ultimately, we believe that delivering a reduction in regulation will be critical to ensuring Australia’s economic prosperity and development so that Australians continue to enjoy increased living standards.

Export Opportunities

Our landmark export agreements with China, Japan and South Korea – and recently, Peru – will generate more export opportunities for Australian agriculture, mining, manufacturing and service industries.

We are continuing to work to secure better export access for Australian businesses. Australia took a lead role in negotiating the new Trans-Pacific Partnership – a Trade Agreement between 11 major economies in our region (collectively worth $13.7 trillion).

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