Small and medium-sized businesses in the Northern Territory will pay less tax five years sooner, with new laws fast tracking tax relief for the sector passing Parliament last week.
“This is great news for the 19,100 small and medium-sized Territory businesses and the people they employ,” Country Liberals Senator for the Northern Territory, Nigel Scullion, said.
“This means Territory businesses will keep more of their own money – that’s money they can invest back into their business, to create jobs, to boost their productivity and grow.”
From 2021-22, a business with a turnover below $50 million will have a tax rate of just 25 per cent, five years earlier than planned. Similar timing changes will also apply to the roll out of the 16 per cent tax discount for unincorporated businesses.
“For example, a small business such as a café in Palmerston that makes $100,000 profit will have an additional $1,500 in 2020-21 and $2,500 in 2021-22,” Senator Scullion said.
“Fast tracking tax relief is part of our plan for a stronger economy and will drive more investment, more jobs and higher wages and builds on the first stage of company tax relief that our Government delivered in March 2017.
“Our plan to fast-track tax relief for Australian businesses is an important investment in the future economic growth of the Northern Territory and our nation.
“All the CLP candidates – Jacinta Nampijinpa Price in Lingiari, Kathy Ganley in Solomon, and our second Senate candidate Joshua Burgoyne – strongly support this vital economic reform and are proud to be backing Territory small business.
“With record lows in business confidence the Gunner Government is driving investment away from the Territory, on top off producing a record deficit and leaving Territorians with record debt that our children and grandchildren will be paying off.
“Only the Country Liberals can be trusted to manage the economy, guarantee essential services such as infrastructure while getting the budget back into surplus, giving hard working Australians tax relief and all while paying down Labor’s debt.
“The Coalition Government’s economic plan is delivering – – the national economy is growing at 3.4 per cent through the year, our AAA credit rating has been reaffirmed and more than a million jobs have been created, as promised.”