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No one voted for Anthony Albanese and Jim Chalmer's new tax on small and family business.
In the Federal Budget Labor introduced a new 30 per cent minimum tax on small and family businesses by targeting their trusts. Small and family businesses were advised to set up under trusts to protect assets.
But Labor wants to scrap them and raise $4.5 billion from small and family businesses. It'll cost each business around $50,000.
Yet analysis shows that small and family businesses will have to pay $13.3 billion to adjust.
$13.3 billion of costs to raise $4.5 billion in tax.
The Government has already been forced to rewrite this tax twice. Every back down is an admission it should never have been introduced in the first place. Small businesses shouldn’t have to pay for the Government’s mistakes.
With record insolvencies, small businesses need a government that backs them, not one that taxes them for having a go.
We, the undersigned, call on the Government to:
• Abandon its small and family saving tax on trusts
• Stop forcing small businesses to pay $50,000 each for advisers, valuers and stamp duty to restructure
• Give small and family businesses a genuine right to be heard before new taxes are imposed on them
If this tax goes ahead, family businesses will spend the next two years paying advisers instead of hiring staff.
Stand with small business. Add your name today.