Ben Morton (Tangney, Liberal Party) Share this | Link to this | Hansard source

There can be no doubt that every Liberal member of this parliament is here to back hardworking Australians, particularly small and family businesses. The announcement last week by the Prime Minister and the Treasurer that small, medium and family businesses will pay less tax sooner, because this government is delivering tax relief five years earlier than planned, backs those hardworking, aspirational Australians. That's tax relief for more than three million businesses that employ nearly seven million Australians. That builds on the first stage of the company tax relief already delivered in May last year. It is great news for WA and for Tangney.

In Tangney, 15,552 small and family-run businesses will be left with more of their own money in their own pockets to invest in their businesses to grow and to employ more Australians. These businesses will have a reduced tax rate of just 25 per cent and unincorporated businesses will have a 16 per cent tax discount five years sooner. This is common sense: when small and family businesses don't have to pay so much to the government, they invest it in their employees, in new equipment and in growing their business. It's good news for hardworking Australians, particularly younger Australians. More than 100,000 young people got a job in the last financial year. This is the strongest growth in youth employment in Australia's economic history.

One million jobs have been created since the Liberal government was elected in 2013. This number will only get bigger with policies like this that encourage investment and that encourage small businesses to grow and to employ more Australians. Tax relief sooner continues this government's continued support for small and family businesses, including the $20,000 instant asset write-off, which continues to be extended, and the simplified pay-as-you-go instalments, which remove the risk of overestimating or underestimating your PAYG instalments and the penalties that may apply. Simpler BAS is estimated to save each small business an average of $590 per year, and we've abolished $5.8 billion worth of red tape. This government's Personal Income Tax Plan will make personal income tax lower, fairer and simpler. Small and family businesses can always trust this government to back them. It's a fair go for those who have a go.

This government is lowering taxes for small- and medium-sized businesses sooner, because they employ half of the people who go to work every day in this country. Our economic plan is working. Fast-tracking tax relief for small, medium and family businesses is an important investment in hardworking Australians, their families and our country's future.