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Greens plan to cut taxes for small business

Media Release
Christine Milne 7 Aug 2013

The Australian Green have released a plan to ease the pressure on small business by reducing the company tax rate for small business by two per cent from 1 July 2014.

"The Australian Greens understand the pressure that small businesses are feeling which is why we want to give them a fairer go by lowering company tax from 30 per cent to 28 per cent," Greens Leader Senator Christine Milne said.

"Our investment in small business has been costed by the independent Parliamentary Budget Office at $1.75 billion over the forward estimates on the budget figures.

"This is a bigger tax cut for small business than Tony Abbott's plan. It starts earlier, and is better targeted and more economically responsible.

"While the old parties take the small business sector for granted, the Greens recognise small business deserve more support.

"When Labor proposed a cut to the company tax rate in 2010, the Greens, unlike the Coalition, supported it for small business but the government chose not to proceed.

"Small business owners are at the heart of the economy providing jobs to almost half the workforce.

"Of the 788,000 companies in Australia, 600,000 small business companies will benefit from our policy.

"A lower rate for small business is perfectly feasible. In countries like Beligum, Canada, France, Japan, the Netherlands, South Korea, Spain, UK and the United States, small business has a lower tax rate than big business.

"It is time that Kevin Rudd and Tony Abbott recognised that a healthy small business sector, means a stronger Australian economy."

The Greens small business tax cut will:

• Free up extra income for investment, innovations and business expansion;
• Relieve the pressure on small business;
• Acknowledge the administrative costs for small business; and
• Encourage growth in the small business sector.

"Only the Greens recognise the burden and risk that small business owners face, which is why we are committed to caring for people who run small businesses."

 

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