CUTS to the tax rate for small businesses – down to the lowest level in many decades – backs small businesses in Toowoomba and the Darling Downs to grow, Member for Groom Dr John McVeigh says.
“Small business is the lifeblood of the Toowoomba economy and the Turnbull Government is backing regional economies like ours with changes in the Budget last week,” Dr McVeigh said.
“Small businesses with turnover less than $10 million will have their tax rate cut to 27.5 per cent in 2016-17, meaning locally-owned businesses in the Groom electorate such as Cracka Print and Paper and Taylor’s Removals continue to thrive.
Joining Federal Small Business Minister Michael McCormack’s nationwide small business roadshow, Dr McVeigh said the visit to the city is a great opportunity for small businesses to provide feedback and ideas.
“Having the Minister for Small Business in the city so soon after the Budget shows how much the Coalition values their contribution to the national economy,” Dr McVeigh said.
“The roundtable gave Groom businesses the opportunity to sit down and ask questions about asset write-offs, red tape reduction and the new tax concessions. I know businesses from Pittsworth, Highfields, Oakey and right across the electorate were appreciative of the chance to participate in this forum.”
Mr McCormack said the Federal Budget backs small businesses to invest in their business, grow and create more jobs.
“It is small business – not Government – which creates jobs. That is why the Budget puts small business in the driver’s seat, to create more jobs and opportunities across the country,” Mr McCormack said.
“Through extending the instant asset write-off for a year and having incentives in place for State and Territory Governments to cut red tape, we want more people in small business to back themselves, have a go and create jobs.
“As the first regional MP to be Small Business Minister, I know many of the businesses which will benefit from this Budget are farmers. Agriculture is a vital sector to many regional communities such as Toowoomba and the Darling Downs, and this Budget backs them.”
Toowoomba-based Queensland LNP Senator Barry O'Sullivan said the small business is vital to the Darling Downs economy.
“Having been in family-owned small business for many decades before entering politics, I understand how any decision of government can impact on the daily operations of any enterprise," Senator O’Sullivan said.
"One of the real pleasures of my job as a Senator is to get out and speak with small business operators about their goals for the future.
"Small business has an extremely strong history in our region and our Government is focused on delivering public policy that encourages people to take a risk and start or grow their own business.
"These small business roundtables are an important initiative to allow the wheels of Government to better align with the needs and ambitions of our business community and ensure the Coalition really listens to the people at the coalface."
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