The Coalition Government will deliver additional tax relief to 19,000 Northern Territory small and medium businesses five years earlier than planned.
“This is good news for the NT – lower company tax means more investment, more jobs and higher wages,” Country Liberals Senator for the Northern Territory, Nigel Scullion, said.
“We will introduce legislation during the next session of Parliament, fast-tracking our business tax relief for 19,100 Northern Territory small and medium businesses.”
Across the country, this will provide tax relief for more than three million businesses that employ nearly seven million Australians.
This means 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.
“By fast-tracking this tax relief for Territory businesses, we will make a more immediate difference to the individual businesses and the people who work for them,” Senator Scullion said.
“This means that a small business, such as an independent supermarket or a pub that makes $500,000 profit, will have an additional $7,500 in 2020-21 and $12,500 in 2021-22 to invest back into the business or staff, or help to manage cash flow.”
“Luke Gosling, Warren Snowdon and Senator Malarndirri McCarthy need to immediately say that they will support these tax cuts and won’t roll these historic measures back if Bill Shorten unfortunately wins the next election.
“All the CLP candidates – Kathy Ganley in Solomon, Jacinta Nampijinpa Price in Lingiairi 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 of business confidence the Gunner Government has abjectly failed to inspire confidence and is driving investment away from the Territory. If that wasn’t enough, this Labor NT Government produced a record deficit and is 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.”
This additional tax relief builds on the first stage of company tax relief that our Government delivered in May 2017.
“Our economic plan is delivering for Territorians, and the fast tracking of tax relief for small and medium businesses is an important investment in the future economic growth of the Northern Territory and our nation.”