Greens spokesperson for Small Business, Senator Peter Whish-Wilson, says that the mining tax repeal delivers a massive blow to the small business sector.
Senator Whish-Wilson said, “This massive win for the mining companies comes at the expense of not just worker’s superannuation, but is also a body-blow to small business.
“The mining tax repeal has made the two million small businesses in Australia losers, just to benefit a handful of mining giants.
“The Mining Tax Repeal Bill means that small businesses lose two important provisions: the loss carry back provision and the increase in the instant asset write off threshold.
“The carry back of company tax losses was recommended by the Henry Review. It allowed small businesses to offset losses from the current financial year with tax already paid to the ATO.
“The instant asset write-off for business assets costing less than $6,500 meant small businesses could have received a deduction for the value of a depreciating asset that costs less than $6,500 in the income year the asset is first used or installed ready for use.
“The Liberals and the Palmer political party need to explain to small businesses across the country why they continue to put them last,” Senator Whish-Wilson concluded.