Bi-partisan support for Small Business Tax Cuts

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“This is great news for the hundreds of thousands of small businesses in the building industry. It will allow them to invest back in their business and expand the number of people they employ. Said HIA Acting Chief Executive of Industry Policy Tim Reardon.

The HIA is encouraged by the bi-partisan support to fast track tax cuts for small and medium- sized Australian businesses. Companies with annual turnovers less than $50 million will have their tax rate cut to 26 per cent in 2020/21 and then to 25 per cent the following year.

“There are tens of thousands of small businesses, and over 200,000 sub-contractors in the building industry. They play a major role in the $150 billion annual contribution of the industry to the Australian economy,” said Mr Reardon.

“HIA has long been dedicated to addressing the housing affordability challenge through increasing the supply of housing and getting more people into their own homes.

“Fast-tracking these tax cuts will allow small businesses within the industry to flourish. This will provide great help toward addressing these affordability challenges,” concluded Mr Reardon.

Source: HIA