Standing Up for Small Business

Many local business owners continue to tell me they are under increasing pressure from rising costs, workforce challenges and ongoing economic uncertainty.

Following the recent Federal Budget, start-ups and small businesses have shared their concerns regarding the Government’s proposed increases to the capital gains tax (CGT) and taxes on trusts. This week, the Coalition and I are voting against these tax increases in the Parliament.

Southern Gold Coast business owners have also pointed out the lack of meaningful support for small businesses looking to invest and grow. The Coalition has consistently backed measures that encourage business investment, including the Instant Asset Write-Off. While Labor halved this important initiative, it has now reinstated it to the level it was at under the last Coalition Government ($20,000). The Coalition’s plan would go further by boosting small business investment and allowing small businesses to immediately write off assets costing up to $50,000. This would provide businesses with greater certainty and encourage investment in equipment, technology and productivity improvements.

In his Budget Reply speech, Leader of the Opposition Angus Taylor outlined the Coalition’s plan to restore our standard of living and get the economy back on track. Central to that plan is addressing bracket creep through a Tax Back Guarantee. This would index income tax thresholds to inflation – a tax cut for every working Australian every year for the rest of their working life. This would help ensure Australians keep more of what they earn while also benefiting local businesses through increased consumer confidence and spending.

I remain committed to ensuring the voices of small businesses are heard. If you have concerns about your business, or ideas about how government can better support local enterprise, I encourage you to complete my Small Business Survey here or contact my office directly.

Your feedback is invaluable in helping me advocate for the needs of our local business community and ensuring local business concerns are represented in Canberra.