Queensland Business Welcomes 25% Business Tax Rate for Small Business: CCIQ

Thursday 11 October, 2018 | By: Dan Petrie

The Queensland Chamber of Commerce and Industry (CCIQ) has welcomed moves by the Federal Government to bring forward business tax cuts for small and medium sized enterprises so that a corporate tax rate of 25% is in place for 2020/21.

CCIQ General Manager of Advocacy, Kate Whittle said the headline corporate tax rate in Australia at 30% has simply been too high for too long and the timeline of halfway through the next decade to implement a more globally competitive tax rate is a time-frame most businesses simply can't wait for.

"The biggest contributor, employer, and indeed taxpayer in this country is the small to medium enterprise sector for to which Australia's prosperity is so strongly tied.

"Obviously we would prefer to see one corporate tax rate for all business regardless of size but in the immediate term we welcome this proposal nonetheless.

"It is an area of policy CCIQ has been championing for a long time," Ms Whittle said.  

CCIQ notes there are more than two million Queenslanders employed in the private sector and the state has more than 425,000 SMEs contributing to a gross state product of $316 million. 

The threshold of $50 million turnover remains an impediment to larger businesses growing and employing more people and CCIQ will continue to prosecute the case that Australia must continue to strive for investment at both home and abroad.

Australia’s economic competitiveness will only be enhanced further if the country and indeed the state of Queensland is seen an environment that provides skilled workers, access to capital and a regulatory framework that provides long term certainty. 

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Dan Petrie

Media and Communications – Economy and Government

Chamber of Commerce and Industry Queensland

Ph No: 07 3192 0120 (Landline)

Media - Direct: 0418 793 967

Dan Petrie -Mobile: 0408 919 767 

Email: dpetrie@cciq.com.au

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