Small and medium-sized businesses in Hume will pay less tax five years sooner, with new laws fast tracking tax relief passing Parliament today. Federal Member for Hume Angus Taylor said it was fantastic news for thousands of Hume-based businesses.

“This means businesses in Hume will keep more of their own money – that’s money they can invest back into their business, to create jobs, to boost their productivity and grow,” Mr Taylor said.

From 2021-22, a business with a turnover below $50 million will have a tax rate of just 25 per cent, five years earlier than planned. Similar timing changes will also apply to the roll out of the 16 per cent tax discount for unincorporated businesses.

“For example, a small business such as a café that makes $100,000 profit will have an additional $1,500 in 2020-21 and $2,500 in 2021-22.

“Fast tracking tax relief is part of our plan for a stronger economy and will drive more investment, more jobs and higher wages,” he said.

Narellan businesswoman Tracy Martin: “As a small business owner I am very happy. Any extra money in my pocket will only benefit our workers and our business. For all the people crying out that it’s just the LNP looking out for the ‘big end of town’ you have obviously never owned your own business. Most of us are not rich, earn an average wage and are the past to get paid when time are tough…”

Goulburn businessman Charlie McDonald: “Finding and retaining good staff is one of the biggest challenges in small business. A little tax relief will definitely help with that.”

Mr Taylor said the Coalition Government’s economic plan was delivering for Hume, with new businesses opening up and unemployment rates continuing to drop across local communities.

He welcomed latest figures, released today by the ABS, showing that the seasonally adjusted unemployment rate fell by 0.3 percentage points over the month, to stand at 5.0 per cent in September – the lowest level since April 2012.