November 9, 2017
Murgon businesspeople had the opportunity to quiz Federal Small Business Minister Michael McCormack on Wednesday about issues such as tax, employment incentives and apprenticeships.
Minister McCormack was in Queensland to attend the Wide Bay Burnett Regional Economic Development Growth Forum in Maryborough on Thursday. Member for Wide Bay Llew O’Brien took the opportunity to invite him down to speak in Murgon.
The two politicians conducted a street walk along Lamb Street, speaking to small business owners at several businesses before retiring to the Royal Hotel for afternoon tea.
Mr O’Brien said the street walk was an opportunity to listen to local businesses and “collect issues”, as well as explain new corporate tax cuts and changes introduced in the last Budget.
The turnover threshold to be defined as a small business – and be able to access benefits available only to small businesses – has been raised from $2 million to $10 million.
At the Royal Hotel, Mr McCormack and Mr O’Brien were joined by more local businesspeople as well as Kristy Frahm, the CEO of the Burnett Inland Economic Development Organisation (BIEDO); and the Economic Development Officers for the Cherbourg and South Burnett councils.
Ms Frahm had a prepared list of questions for Mr McCormack which sparked discussion around the table about apprenticeships, Sunday penalty rates and incentives to keep employees rather than hiring staff.
Mr McCormack said the tax rate for business was currently at 27.5 per cent although the long-term plan was to get it down to 25 per cent. However, he said that at 27.5 per cent, it was currently the lowest it had been since 1940.
He said there were incentives available for start-up businesses and for some other special cases.
“There are incentives for female entrepreneurs, Indigenous entrepreneurs. Sometime the men feel they are left behind, but that’s the way of the world,” he joked.
He bemoaned the fact that Australia had lost a generation of apprentices.
“Every parent wanted their children to go to university and get a degree, have that piece of paper, a degree in Arts or something they will never use rather than go to TAFE,” he said.
Mr McCormack was asked about the possibility of low-interest loans to small business.
He reminded people that the Federal Government was not a bank: “We’re a business too and we rely on people’s taxes to run our business.”
Mr McCormack suggested small businesspeople visit the Australian Small Business and Family Enterprise Ombudsman website for assistance as well as the Federal Government’s business.gov.au website
