Federal Labor’s new policy to slug trusts is bad news for hard working Northern Territory businesses. Just ask Territory business leaders.
Country Liberals Senator for the Northern Territory, Nigel Scullion, said the CEO of the Northern Territory Cattlemen’s Association, Tracey Hayes, and CEO of Chamber of Commerce NT, Greg Bicknell, both made it clear in today’s NT News that Bill Shorten’s plan to attack trusts would hurt the Territory.
“As Ms Hayes says, family trusts are fairly common with people on the land and in business and Mr Shorten’s policy removes any incentive for Territorians to work hard to try to secure their children’s future and the future of their businesses,” Senator Scullion said.
“And as Mr Bicknell says, Territory businesses are already doing it tough and Mr Shorten’s plan will not help businesses that legitimately use trusts.
“When you have the head of the Territory’s farmers and businesses both come out and say that this will hit the Territory hard, you know you need to go back to the drawing board.
“Labor’s federal representatives must stand up for Territory businesses and tell their leader, Bill Shorten, to dump this thought-bubble on trusts.
“With the Gunner Government’s terrible handling of the economy leading to the Northern Territory falling from sixth to the seventh worst performing jurisdiction in the most recent CommSec State of the States Report, the last thing Territory businesses need is for Bill Shorten to slug hard-working business again through his changes to trusts.
“Labor says farmers will be exempted – but can Bill Shorten be trusted? The CEO of the National Farmers’ Federation has confirmed there has been no consultation with the sector on this proposal –perhaps not surprising given how Labor shut down the live cattle trade.
“Unlike Labor, the Coalition Government is backing small business with tax cuts, simpler Business Activity Statements, an extension to the instant asset write-off programme and the opportunity to opt in to the single-touch payroll.
“Labor is creating uncertainty and anxiety for hard working Territorians and small business and that is the last thing the Northern Territory needs now.”