National’s Plan Will Lift the Burden on Business

National’s ‘Back in Business’ plan will lift the burden on businesses who are struggling through this extended lockdown, says Shadow Treasurer Andrew Bayly.

There is light at the end of the Covid tunnel, but we can’t fall at the final hurdle. We need to do what it takes to ensure otherwise viable businesses survive the next 12 months.

Our plan outlines a raft of measures that the Government should be implementing immediately to save livelihoods and unleash our economy.

These include more cash support for small businesses right now to help get them through lockdown, and a clear pathway to reopening our economy and our borders as soon as possible.

There are a raft of measures, but a key component of our plan is tax relief.

National would:

1.     Introduce a new small business tax rate of 17.5 per cent for two years

2.     Lift the 10.5 per cent personal income tax threshold from $14,000 to $17,000

3.     Extend the loss carry-back scheme

4.     $150,000 immediate write-off on costs of new plant, equipment and related software to stimulate investment in more productive assets

At a time of extreme economic strain, National believes the Government should be easing the tax burden so that small businesses don’t just survive the next 12 months, but thrive as we reconnect to the world.

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