Assistant Treasurer Josh Frydenberg and shadow small business minister Bernie Ripoll have had a heated exchange over the government’s proposed tax concessions to small business owners.
In a statement following the federal government’s 2015/2016 Budget last night, Mr Ripoll took aim at the government for its proposed tax cuts for small business owners, claiming the measures were merely an attempt to save Prime Minister Tony Abbot’s job.
“It is clear that this Budget is more about saving Tony Abbott’s job than helping small business – as the Government belatedly recognises the damage that they’ve wrought on this important sector in our economy,” Mr Ripoll said.
“Labor recognises that small business is an important driver of jobs in our economy, and that the right assistance can strengthen the sector.
“That is why Labor is broadly supportive of the measures that help small business recover from the massive hit to business and consumer confidence that has occurred in the 12 months since Tony Abbott’s last Budget,” he said.
However, in a statement issued by the assistant treasurer, Mr Frydenberg claimed Labor is indecisive about the policy and called out the party to proclaim its stance on the tax cuts.
“Labor needs to declare whether it will get behind this tax cut which is part of the biggest small business initiative in our nation’s history and which will help Australian small business invest more, grow more and employ more,” Mr Frydenberg said.
“On Sky News [last night], [Shadow Treasurer] Chris Bowen could not nominate any taxes he would cut if he was Treasurer, compared to the Coalition’s demonstrated record of abolishing the carbon and mining taxes, and tonight’s small business tax cut,” he said.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 25 May 2018‘Never been a better time’ for advice: MorningstarBy Killian Plastow
- 25 May 2018ASIC takes former AFSL director to courtBy Reporter
- 25 May 2018Henderson Maxwell owner launches investigationBy Aleks Vickovich
- 25 May 2018CBA issues update on AUSTRAC proceedingsBy Reporter
- 25 May 2018Employers granted unpaid super amnestyBy Jessica Yun
- 25 May 2018Bernardi backs bank withdrawal from wealthBy Aleks Vickovich
- view all