The Prime Minister, Scott Morrison, joined Federal Member for Robertson, Lucy Wicks, to visit small businesses on the Central Coast, on October 15.
Wicks said that it was fantastic to have the Prime Minister here on the Central Coast listening to the stories of our local businesses before making his announcement. During the Prime Minister’s visit to the Central Coast, he met with the owners of two local businesses. “The Prime Minister listened to the stories from Chris and Ryan from Six Strings Brewing Company and Nathan from Kombucha Zest about them having a go, getting ahead and employing more people from our region,” Wicks said. “Our government is introducing legislation to fast-track tax relief for over 10,000 small and medium businesses on the Central Coast, fi ve years earlier than planned.
“This is fantastic news for our region, lower company tax means more investment, more jobs, and higher wages,” she continued. “Kombucha Zest is constantly growing and will need to upgrade their equipment to keep up with the demand for their product. “This fantastic company has created jobs for people on the Central Coast and is looking to expand in the next 12 months,” Wicks said. Businesses with a turnover below $50 million will benefit from a tax rate of just 25 per cent in 2021-22 rather than from 2026-27 as currently legislated. Similar timing changes will apply to the roll out of the 16 per cent tax discount for unincorporated businesses.
“By fast-tracking our tax relief plan for businesses on the Coast, we will make an immediate positive impact on individual businesses and the people who work for them,” Wicks said. “This means that a small business, such as an independent supermarket or a pub that makes $500,000 profit, will have an additional $7,500 in 2020-21 and $12,500 in 2021-22 to invest back into the business or staff, or help to manage cash fl ow. “Our economic plan is delivering for our region, and this fast tracking of tax relief for small and medium businesses is an important investment in the future economic growth of the Central Coast and our nation,” Wicks said.
Source: Media release, Oct 15 Charlotte Bowcock, Office of Lucy Wicks MP