Lucy Wicks (Robertson, Liberal Party) Share this | Hansard source

I rise to speak briefly in support of this important bill, the Treasury Laws Amendment (Lower Taxes for Small and Medium Businesses) Bill 2018, because this bill is going to mean that, for 15,015 small and medium businesses in my electorate of Robertson on the Central Coast, they will pay less tax sooner. With this legislation our government is delivering tax relief for small and medium businesses five years earlier, with fast-tracking of cuts meaning that businesses with a turnover of below $50 million will benefit from a reduced company tax rate of 25 per cent in the financial year of 2021-22 rather than the originally planned 2026-27.

Our businesses are the backbone of our local economy, and the success of small and family businesses in our local community helps to build a strong national economy. This government knows that without a strong economy you cannot guarantee the essential services that Australians rely on. It's why we're so focused on delivering an even stronger economy, because it's a strong economy that guarantees investments in education, health care and the NDIS.

In line with fast-tracking of company tax relief, we're also bringing forward the changes to the unincorporated small business tax discount. This measure is set to benefit around 2.35 million unincorporated businesses across the country, including sole traders with a turnover of up to $5 million.

As the Central Coast Express Advocate reported last week, locally around 2,000 women on the Central Coast are juggling a small unincorporated business with their family life. These 'mumpreneurs' are giving it a go. They're juggling work and family life. And these changes will mean that local unincorporated small businesses will now be able to access the maximum discount of $1,000 five years sooner.

So many families, mums and dads, on the Central Coast operate small businesses or work in a small business, and I'm proud to be part of a government that is delivering tax relief for these businesses and for their workers. I'm proud to be part of a government that's saying to local businesses who are having a go, 'We're on your side.' We're backing businesses that have been giving it a go and getting ahead on the Central Coast. The Prime Minister visited just last week to meet with two of the more than 15,000 small and family businesses on the coast, and it was great to share with the Prime Minister some of our local success stories—businesses having a go and succeeding locally on the Central Coast, like Six String Brewing Company in Erina, a locally owned and operated craft brewery. Six String produces a number of craft beers, as well as cider and lemonade, that are stocked in restaurants, bars and supermarkets across Australia. They employ 15 Central Coast residents and, since opening just five years ago, they have been growing year on year. Six String is already benefiting from the measures that this government has implemented, including the instant asset write-off and changes to the alcohol excise that put brewers and distillers on a level playing field. This bill adds to these measures and will mean that the owners, Chris and Ryan, can continue to grow their business, invest in new equipment and expand their team.

It's the same for Kombucha Zest at West Gosford. It is a business that employs 11 people from the community and distributes fantastic kombucha to cafes and restaurants around the country. Since starting three years ago, Nathan has seen his business grow exponentially and said that, as a new business, profits are always being reinvested back into the business to continue growing. For Kombucha Zest the tax relief delivered sooner means that they'll keep more of what they earn and they can invest even more back into a fantastic local business that really does have an outstanding, fabulous product as well.

For Bambi, a leading bedding manufacturer with a 30-year a history on the Central Coast, the measures in this bill will mean that they can continue to develop into international markets and remain competitive. Bambi is a family business that's got big dreams and aspirations and is working to compete with imported products and champion Australian manufacturing. I look forward to seeing them go from strength to strength as well.

These are just some of the stories of some of the local businesses on the Central Coast, and I'm looking forward to meeting with even more business owners and hearing their stories over the coming weeks.

This bill builds on our already legislated tax plan, and our plan is all about making sure that Australians and businesses that have a go get a fair go. This government's economic plan is working, and I'm proud to be part of a team that's investing in the future growth of the economy by backing small and medium business, the backbone of our economy. I commend this bill to the House.

See this speech in context