A small biz memo from Michael
Country communities are naturally communities of small business.
From our large regional cities, through every town and in every vibrant village is a strong small business sector on which we all rely.
Small business – whether in the shopping strips in town or the saleyards – creates our jobs, provides our services and supports country communities so we can grow and prosper.
That’s why your Nationals’ team in Government works so hard to back small business.
Each of us come from a small business background and are proud to champion its cause in Canberra.
And the runs are already on the board.
Two weeks ago Parliament passed changes to Australia’s competition laws to help small business compete on a level playing field with big business.
The “effects test”, as it’s sometimes known, is something The Nats have fought for over many years.
We are all passionate about fixing the law for small business to make it fairer, but in particular this is a case Wacka Williams has championed for many years, delivered thanks to the team’s efforts together.
It comes on the back of our tax cuts for small business, down to 27.5 per cent. That’s the lowest rate since the Second World War. We also redefined “small business” to an annual turnover of up to $10 million – up from the previous $2 million – so tens of thousands more small business can take advantage, resulting in increased investment, productivity, employment and wages.
This means the $20,000 instant asset write-off, to which I delivered an extension of in this year’s Budget, is also available to more small businesses and for longer.
Whether a business is in need of tradies’ tools, computer equipment, coffee machines or whatever it might need, it can write it off immediately against its tax for another year thanks to your team in Government.
Small business is naturally at home with The Nationals. Each of us – from our Party’s branches in the bush to the benches in the Parliament – stand proudly in the corner of Australia’s 3.2 million small businesses, cheering them on.
But recently our opponents have launched a pretty clear attack on small business.
Not content with voting against fairer competition laws or tax cuts for small business, Labor has confirmed small business is in its sights.
To fund its reckless ideological agenda, Bill Shorten and Labor look to you with a small businesses.
Should Labor get back into Government, it has committed to increase taxes on small business, remove our incentive to cut red tape and reduce the number of businesses we support from buying new equipment.
What’s more, a tax floor of 30 per cent on trustsdistributions exempts farmers but means small businesses on the other side of the farm gate, such as stock and station agents, will bear the brunt.
But The Nationals won’t stand idly by as Bill Shorten and Labor put their hands in small business’ till.
The Nationals have a proud history running and working in small businesses in the real world before we got to Parliament and each of us is determined to help the sector succeed.
That’s why – as Labor launches its extraordinary attack on Australia’s biggest job-creator – The Nationals have small businesses back today and every single day.
And that is thanks to you. The feedback through the branches and communities of The Nationals help us know small business needs our help and together we can be the champion it deserves in Canberra.
Hon Michael McCormack MP
Minister for Small Business
Member for Riverina
(You can read a little more of our plan for small business in my opinion pieces in The Australian and the Daily Telegraph here.)