Income Tax Cuts will Boost Small Business

Earlier this week the government’s income tax cut package passed the Senate. The tax cuts will be rolled out in 3 stages over the next 7 years, and are expected to bring tax relief to millions of Australian workers. Australia’s Small Business and Family Enterprise Ombudsman, Kate Carnell has welcomed the tax cuts, saying that the majority of Australian small businesses will benefit. From July 1, anyone earning between $19,000 and $90,000 a year will receive a tax cut. Ms Carnell said “This means the owners of 1.3 million unincorporated businesses will directly benefit from this new legislation, because they don’t pay company tax. This is a very welcome big deal for the majority of small business owners in Australia.” Many of this group are self-employed, and many are women.