The Senate’s passing of the Government’s company tax cut for businesses turning over less than $50 million is a win for the building and construction industry, the economy and the community.
Denita Wawn, CEO of Master Builders Australia said, “This is a big win for 121,000 small and medium building businesses and will support the creation of more than 8,000 new jobs per year.
“Building and construction is the nation’s second largest industry and one of the heaviest taxed. This company tax cut will reduce the tax burden by more than $700 million for thousands of small and medium family building firms when fully implemented,” she said.
“The Government and the crossbench, including the Nick Xenophon Team, Pauline Hanson’s One Nation, Senator Hinch, Senator Leyonhjelm and Senator Benardi have delivered an important reform that will drive investment, growth and jobs,” Dentia Wawn said.
“Nevertheless company tax for larger businesses remains too high and Master Builders calls on the Government to remain committed to completing the job to ensure Australia remains internationally competitive and able to secure our fair share of international and domestic investment,” Denita Wawn said.