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Key Points
- The Coalition has set a target to grow the number of small businesses in Australia by 350,000 over four years.
- Peter Dutton unveiled staggered three-year tax offsets to help small and family businesses reinvest.
- Dutton also said he won’t support Labor’s plan to enshrine penalty rates in law, calling it yet “another stunt”.
Under that arrangement, new incorporated businesses would only have to pay tax on a portion of their income in their first three years of operating to encourage reinvestment.
“We want to encourage small business in this country.”
Property developers are specifically excluded.
Labor’s penalty rate ‘stunt’
Labor’s rationale for the change is that it will prevent business groups, such as the Australian Retailers Association, from applying to the Fair Work Commission to cut the provisions from award agreements.
“It’s been abided by from both sides of politics and we don’t propose any departure from the current arrangements,” he said.
Dutton’s bracket creep ‘aspiration’
Asked why the policy was mentioned during the back end of the campaign, Dutton said on Saturday that the Coalition had undergone a “stepped process” which involved “going through and looking at different policies and options”.
Prime Minister Anthony Albanese has taken aim at the comments, saying they made “no sense”.
