Tax Cuts delivered in tonight’s Budget will bring financial relief to small business operators whose hard work has helped make the economy strong, Small Business Minister Dr Craig Emerson said.
“Whether they are sole traders, in partnerships or receive wages or dividends from small businesses, tonight’s announcement is good news for business,” Dr Emerson said.
“Personal income tax cuts will benefit taxpayers at all levels of income.
“Most small business operators stand to benefit, as around 60 per cent of all businesses had a turnover of less than $200,000 in June 2006.
“Business operators with taxable incomes up to $180,000 will receive up to $50 per week in tax cuts in 2008-09 and up to $91 per week the year after.
“This tax relief will provide more reward for effort to our nation's two million small businesses.”
Meanwhile, Dr Emerson confirmed that a Small Business Advisory Committee will be established this year to provide expert advice on the Government’s bold new reform agenda on business regulation.
The Committee will be independent of the Government and will comprise members who have extensive and practical experience in or dealings with, small business.
Members will have a sound understanding of small business issues and the economic environment affecting small business.
“The Small Business Advisory Committee, an election commitment, will review and provide comment on regulatory proposals that have a significant impact on small business,” Dr Emerson said.
Media Contact: Chris Ward 0418 424 654.