A plan for more and better paying jobs

Continuing to back small business to create jobs

Enterprise Tax Plan

The Government is committed to cutting the company tax rate to 25 per cent for all businesses to increase Australia’s competitiveness, attract investment, and protect jobs from being taken overseas.

Higher investment in business assets like plant and equipment, buildings and systems will boost the productivity of Australian workers.

Lower business taxes will incentivise investment and allow businesses to create more jobs and encourage firms to hire more Australians.

Lower taxes for small business

The Government is reducing the tax burden on small businesses and has already secured a fivefold increase in the small business threshold to $10 million as well as tax cuts for around 3.2 million small businesses which employ around 5.6 million people across the country.

Building on this achievement, the Government is extending the $20,000 instant asset write-off for a further 12 months to 30 June 2018 for businesses with annual turnover less than $10 million, improving their cash flow and helping them to reinvest in their business and replace or upgrade their assets.

Cut red tape for small business

The Commonwealth regulatory burden on businesses and the community has already been reduced by more than $5.8 billion.

However, States and Territories continue to impose a wide range of regulatory restrictions that unnecessarily prevent small businesses from growing and creating jobs.

Through its National Partnership on Regulatory Reform, the Government will provide up to $300 million over two years to States that reduce unnecessary regulatory restrictions on competition and small businesses.