Many Mid North Coast businesses and jobs would be badly hit by Labor leader Bill Shorten’s “Captain’s pick” decision today to end tax relief for companies with a turnover between $10 million and $50 million, the Member for Cowper, Luke Hartsuyker, said.
Mr Shorten made the shock announcement without consulting his caucus.
Mr Hartsuyker said there are 20,000 businesses across Australia with a turnover of between $10 and $50 million, employing an average of 75 workers.
Many of those businesses and jobs would be on the Mid North Coast.
He said it was at least as troubling, and as damaging, that Mr Shorten had cast doubt on whether Labor in government would maintain the Coalition’s tax cuts for companies with turnover of between $2 million and $10 million.
“The Coalition’s tax cut for small businesses, along with the instant asset write-off of up to $20,000, was very warmly welcomed by small business, which is the heart and soul of the Australian and local economy,” Mr Hartsuyker said.
“It is extraordinary to think they would go under a Shorten-led Labor government.
“The moves show Mr Shorten is not just anti-big business, he is anti-business, full stop.
“Where on earth does he think jobs come from?” Mr Hartsuyker said.
In the financial year drawing to a close, companies with a turnover of $25 million or less had their tax rate cut from 30% to 27.5%.
This will be extended to companies with a turnover of $50 million from July 1.
The cuts are part of the Coalition’s plan to reduce all company tax rates to 25% over a decade to keep Australian businesses profitable at home and competitive internationally so they can invest more, and create more jobs.