Labor backs small business tax cuts

scissors cutting many 50 dollar notes

Labor says it will back the Coalition Government’s plan to fast-track tax cuts for small and medium sized businesses

On Thursday, Prime Minister Scott Morrison and Treasurer Josh Frydenberg announced that the Government would seek to introduce legislation bringing the tax relief forward.

This would mean businesses with a turnover below $50 million would pay a tax rate of 25% in 2021-22, than from 2026-27 as currently legislated.

The Guild welcomed the announcement, with executive director David Quilty saying that “in a tough trading environment it is pleasing to see the Government recognise the importance of maintaining the viability of small businesses such as community pharmacies”.

While Opposition Leader Bill Shorten reportedly said he was keeping an open mind on the proposed fast-tracking, he has now come out in support of the accelerated tax cuts, the ABC reports.

“We’re prepared to compromise in the national interest,” he said.

“The good news is that people in small and medium business enterprises can vote Labor or Liberal. But if they vote Labor they’ll be getting the same tax reductions as they would if they voted Liberal.”

The Pharmacy Guild also welcomed Mr Shorten’s comments.

Mr Quilty said the earlier tax cuts would benefit community pharmacy small businesses across Australia.

“The bipartisan approach to the earlier delivery of small business tax cuts is very welcome and the Guild appreciates Labor’s support of the Coalition’s announcement yesterday,” he said.

“We are pleased that the early passage of legislation to bring forward the tax cuts now seems assured, providing certainty for community pharmacies as they make decisions on employing staff and investing in their businesses to support their patients and local communities.”

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