An elected Dutton Coalition Government will get Australian small and family businesses back on track by boosting investment, cutting red tape and driving productivity.
Today, the Coalition has released its detailed ‘Plan for Small and Family Business’, which includes a comprehensive strategy to rebuild small businesses and revive entrepreneurship.
The plan includes two new tax incentives for Australians to launch and grow a small business of their own.
The Entrepreneurship Accelerator will support newly incorporated businesses for the first three years of their operation with a tapered, tax offset starting at 75% of their first $100,000 of taxable income, and 50% for their second $100,000 of income in their first year of operation.
This will support more Australians to take the risk and back themselves to start a business, and support businesses through their early years.
The Coalition will also provide a tax deduction of $2,000 for tech upgrades of $4,000 or more – ‘Tech Booster’ – for our small businesses to invest in the digital tools they need to grow.
The Coalition’s plan will set a target of creating 350,000 new small businesses over the next four years.
To achieve this, a Dutton Coalition Government will rebuild small businesses and our economy by delivering:
- Lower Taxes to support investment, growth and new business creation.
- Better Finance to make it easier for small businesses to get loans, funding, and pay off debts.
- Less Red Tape to reduce the cost of doing business and lower costs for consumers.
- Cheaper Energy for small businesses.
- Easier Employment with simpler laws and incentives to find the staff and apprentices they need.
- A Level Playing Field by giving small businesses a voice at the table and strengthening laws to ensure they get a fair go.
Small and family businesses are the backbone of our economy, yet there are nearly 32,000 less employing small businesses in Australia than when the Albanese Labor Government took office.
The only way to restore Australians’ standard of living is to grow the economy, which cannot happen if the government does not have a plan to support strong and thriving small businesses.
The Leader of the Opposition, the Hon Peter Dutton MP, said Australia’s small and family businesses simply can’t afford three more years of Labor.
“Under Labor, small businesses have struggled to survive. We’ve seen a record number of insolvencies because of this government’s bad policies and economic management. Today, I say to small business owners and employees, help is on its way.
“The Coalition’s plan will restore confidence, save time and cut costs. Our policies offer immediate relief, as well as measures to support small and family business to grow and create jobs in the future.
“As someone who has worked in and grown their own small business, I know just how much our small businesses are hurting right now, under Mr Albanese. A Coalition government will be a friend and advocate for small and family businesses.”
Deputy Leader of the Opposition the Hon Sussan Ley MP said the Albanese Government has triggered a cost-of-doing-business crisis that has crushed the backbone of the Australian economy.
“The aspirations and livelihoods of so many Australians have been destroyed by the Albanese Labor Government and we are determined to turn this around.
“Our Plan comes at a time when Australia’s small and family businesses need it most — this is a comprehensive package to get our economy back on track.”
Shadow Treasurer, the Hon Angus Taylor MP, said supporting small businesses was vital to grow a thriving, low inflation economy.
“Small businesses contribute one third to our economic growth and employ half our private sector workforce. The women and men who are the foundation of our economy have suffered too much and for too long under Labor.
“A plan for strong small businesses is a plan for a strong economy. Labor is failing small businesses, but the Coalition will make them central to our economic strategy.”
Supporting small and family businesses is part of the Coalition’s plan to get Australia back on track.