The Australian Retailers Association (ARA) believes the reduction in the company tax rate will attract retail investment, create jobs and help build a stronger Australian economy,
“We are confident that the reduction in the company tax rate for businesses with an annual turnover of less than $50 million will benefit thousands of small and medium-sized retailers, their employees and the broader Australian community,” ARA Executive Director, Russell Zimmerman said.
“The only way to broadly grow the economy is to deliver further tax cuts to all sized businesses to grow jobs, bring inbound investment and keep Australian businesses investing in Australia.”
While the ARA is disappointed the Senate didn’t implement a full tax reform, we support this forward step into lowering the tax rate for all Australian businesses.
“With many Australian retailers experiencing significant cost pressures in today’s environment, the reduction in company tax rates will build a stronger and more successful economy that is capable of supporting the broader aspirations of the Australian retail industry,” Mr Zimmerman said.