FEDERAL Member for Leichhardt Warren Entsch says the Coalition Government’s promise to cut the small business tax rate to 27.5 per cent is a “critical step” towards creating more jobs across Cape York and the Torres Strait.
Mr Entsch, who is travelling through the Torres Strait this week and through Cape York next week, said: “There are around 1700 small businesses in North Queensland who have a turnover of between $2 million and $10 million.
“We’re promising to cut their tax rate to 27.5 per cent from 1 July – with a plan to lower it to 25 per cent for all businesses by 2026-27.”
Mr Entsch added that a re-elected Coalition Government would also give small businesses across Far North Queensland the opportunity to instantly write off equipment purchases of up to $20,000 in the next financial year.
“Both of these measures are very deliberately designed to help our local small businesses owners invest more to grow their business and, as a direct result, employ more locals.
“This is a critical step in tackling the unacceptably high level of youth unemployment in our region,” he said.
Mr Ensch said the Coalition’s Youth Employment Package was another strategy to give vulnerable young people the skills they need to maximise their chances of employment.
“Over the next four years, up to 120,000 internship placements will be provided to young job seekers who have been in employment services for six months or more,” he said.
“This real-life work experience will be invaluable to both the job seeker and their employing business – with both receiving financial support through the programme.”
Mr Entsch said the Coalition is committed to creating jobs through a clear strategy that encouraged the entire local economy to grow.
“We have a clear economic plan through encouraging innovation, opening up big trade export deals, cutting tax, managing a sustainable national budget, and investing in defence, health, education and roads.”