Nationals leader Matt Canavan.
LEADER of The Nationals Matt Canavan has met with business leaders in Rockhampton, amid rising concerns over Labor’s Budget and more taxes on local businesses.
Senator Canavan said small businesses are deeply concerned about the powers Labor’s Treasurer has given to himself, which will tax businesses more and unilaterally change the goalposts.
“Small businesses in Rockhampton are telling me they are angry about Labor’s broken promises and fear it could get worse,” Senator Canavan said.
“The Treasurer can now decide what he taxes, when he taxes – which begs the question, what’s next?”
It comes amid revelations, Treasurer Jim Chalmers will have the power to choose which assets keep capital gains discounts and whether a home counts as a “new build”.
Member for Capricornia, Michelle Landry MP, said the uncertainty being created was unacceptable but also deeply unfair to small businesses.
“Minister Chalmers’ potential use of ‘Ministerial discretions’ for the biggest tax grab in decades is just plain wrong,” Ms Landry said.“The Treasurer will even have the power to change the types of assets and the individuals impacted by tax changes, once legislation is passed.”
Under the changes introduced, a 30 per cent minimum tax on discretionary trusts will begin from July 2028, while the 50 per cent capital gains tax will be replaced with CPI indexation, and up to 47 per cent tax on gains will apply from July 2027.
President of Capricornia Chamber of Commerce, Jason Foss, said that the last six months have hit small businesses hard with changes to junior wages being treated as seniors, inflation, and the fuel crisis.
“This Budget adds a lot of uncertainty, and it seems as though small business owners seem to have been lumped in with the mega wealthy in this Budget,” Mr Foss said.
“This is often not the case, these are just ordinary everyday people try to make good for their families.”
Jason Spence, director of iAssist in Rockhampton said that he has 2200 clients Australia wide and that a lot of their clients are really frightened at the moment.
“They’re really scared of what this means moving forward, they can’t see a future where they’re going to work all these years to own their small businesses as part of their retirement,” Mr Spence said.
“They’re now seeing that it’s just going to be much simpler to shut these businesses down rather than to move forward.”
Source: The Nationals
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