A cut in the small business tax rate – to its lowest level in 50 years – is a great boost to small business, Defence Minister and Western Sydney-based Senator Marise Payne says.
Visiting Kouzina Greco Greek restaurant in Parramatta today, Senator Payne and Small Business Minister Michael McCormack met with Alana and Peter Laliotitis who have owned the restaurant since 2000.
Mrs Laliotitis said the couple had already made use of the instant write-off programme, purchasing new equipment for the restaurant last year, such as a new oven and grill, which enabled the business to serve more customers on one of their biggest trading days of the year, Mothers’ Day.
Senator Payne said Parramatta is a thriving hub of small business in Western Sydney and the Laliotitis family is an example of how small businesses are benefiting from the Coalition’s initiatives.
“We know it is small business – not Government – which creates jobs. That’s why small businesses across Western Sydney have been rewarded with a cut in the company tax rate, to help them grow and create more jobs,” Senator Payne said.
“We have redefined what a small business is – to an annual turnover of $10 million – to give more Western Sydney small businesses access to the instant asset write-off programme and the lower tax rate.”
Small Business Minister Michael McCormack said Western Sydney has a vibrant small business sector to provide jobs and opportunities for locals.
“Marise Payne is a great advocate for small businesses in Western Sydney. I am delighted to accept her invitation to meet some of the thousands of small businesses in Sydney’s west and hear of their plans for the future,” Mr McCormack said.
“I am constantly inspired by Australians in small business who take a risk and have a go. Those people who take a risk and pursue their dreams are the ones who create jobs and opportunities in communities across the country.
“That’s why the Government backs them with a tax cut. We know that money will be reinvested into their small business, to pursue new ideas and create more jobs.”
The Ministers also encouraged Western Sydney locals to back small businesses by shopping local.
“Shopping local keeps money and jobs in local communities. No matter your purchase, Penrith, Parramatta and small businesses throughout Western Sydney can provide it,” Senator Payne said.
“Every dollar spent in a local community is an injection of confidence in that community. It helps keep local small businesses vibrant and create even more jobs and opportunities.
You can find out more by searching ‘small business’ or visiting the small business webpage.