From corporate tax cuts for small businesses being fast-tracked to the Treasurer leading a new drought taskforce, here’s what’s made small business news this week.
SBS Small Business Secrets
11 Oct - 5:17 PM 

Tax Cuts Fast-tracked

The Government plans to fast-track its corporate tax cuts for small and medium businesses that turn over less than $50 million annually.

Prime Minister Scott Morrison announced the government will fast-track the plan by five years.

Under the plan, the rate will fall to 26% in 2020-21 and 25% in 2021-22.

It’s anticipated around three million businesses, employing about seven million people, will benefit from the change in legislation.

Many cross-benchers have already voiced their support for the new timeframe.

Labor leader Bill Shorten also says he has an open mind about supporting the fast-tracking.

"We are not ruling it out and we are not ruling it in,” Mr. Shorten told reporters in Brisbane.  

“We want to see the numbers. You just do not spend tens of billions of dollars on a whim."

New Drought Task Force

A new drought task force aims to provide advice for banks and the government, on how to best give relief to drought-affected farmers and small businesses.

The task force led by Treasurer Josh Frydenberg will be a combined team of government officials, the National Farmers Federation, and some major banking institutions.

The task force promises to “consider and respond,” to the grievances of small businesses in rural and regional areas that have suffered a downturn in trade amid the ongoing drought.

Recent research from the NSW Business Chamber has found the effects from the drought are a major contributor to a decline in small business confidence across the state.

At least 84% of businesses in NSW reported being affected by the drought in August.

New England, the North-West and the Central-West recorded the sharpest deterioration in confidence.

The drought task force is in addition to the recent announcement of a $1.8 billion assistance package announced by the Federal Government earlier this year.