Small businesses play a vital role in the economy, providing jobs to almost half the workforce and they are part of the community in a way big business can never be. The Greens know the burden and risk that many people take on when they establish a business.
The old parties take the small business sector for granted, while their policies invariably promote the interests of big business and their lobbyists.
- The Greens will lower taxes by cutting company tax for small businesses from 30 per cent to 28 per cent, a tax relief for around 600,000 Australian small businesses. The tax cut will take effect from 1 July 2014 and cost $1.75 billion over the forward estimates.
- We will raise the instant asset write off from $6,500 to $10,000 to encourage small businesses to purchase productive assets to help them grow.
- Competition policy will be strengthened to prevent big business using their market power to gain unfair advantages over small business. Click here to view our full our full competition initiative.
- The Small Business Commissioner will have legislative backing and double the funding to $10m to act as an effective advocate for small business. This will make it more difficult for an incoming government to abolish the post as happened in Queensland when the Newman Liberal National Party Government came to power.
When the Government proposed a cut to the company tax rate in 2010, the Greens supported the cut for small business but the Liberals did not, and the Government chose not to proceed.
In early 2013 the Greens introduced legislation into Parliament that would have ensured the Federal Small Business Commissioner had the power to advocate effectively. Unfortunately both Labor and the Coalition opposed the legislation.
The small business tax cut will free up extra income for investment, innovation and business expansion, relieve the pressure on small business, acknowledges administrative costs and encourages growth in the small business sector.