Growing jobs and small business
Tax cuts to fuel small business investment and employment
A thriving small business sector is at the heart of a strong economy.
Australian small businesses provide jobs for 4½ million people and produce over $330 billion of Australia’s economic output.
We know the hardworking women and men of Australian small businesses are the engine room of our economy.
The Coalition is delivering for these businesses now and into the future.
Since coming to office, the Government has undertaken wide‑ranging reforms to improve the small business environment.
People now feel more confident about starting a new business, with strong growth in start‑ups.
The $5.5 billion Jobs and Small Business package builds on these accomplishments to help make Australia one of the best places to start and grow a small business.
At the heart of the Jobs and Small Business package is $5 billion in tax relief for small businesses with annual turnover below $2 million.
96 per cent of Australian businesses will be eligible for a tax cut.
Small corporations will benefit from having their company tax rate cut to 28.5 per cent. Unincorporated small businesses will benefit from a 5 per cent tax discount, up to $1,000 per year.
All small businesses will also be able to get an immediate tax deduction for a wide range of business assets.
These tax cuts will put more money back in the hands of small business owners, and will help to encourage investment and employment.