Abbott says NO to tax cuts for 42,500 Illawarra small businesses

Up to 42,100 Illawarra small businesses will be left high a dry because the Liberal-National Party intends to block a tax cut for small business, Federal Labor Illawarra MP’s, Sharon Bird and Stephen Jones, said today.

“The Commonwealth Labor Government has locked in a tax cut for small business and a new $6500 instant asset write-off.

“These initiatives will help up to 42,100 small businesses in the Illawarra share in the mining investment boom and provide real opportunities to expand.

“I just can’t believe that the Liberal-National Party, which is supposed to look after small business, is standing in the way of up to 42,100 small businesses in the Illawarra region benefiting from a tax cut and an increased instant asset write-off”, Ms Bird said.

Stephen Jones said, “Not only is Tony Abbott standing in the way of a tax cut for small business, he is denying low income earners a boost in superannuation.

“The Commonwealth Labor Government wants to boost superannuation from 9% to 12%.

“This will, for instance, increase the average retirement earnings of a 30-year old worker by an extra $108,000.

“Tony Abbott is a threat to the long-term retirement incomes of up to 121,800 low-income young Australian workers in the Illawarra.”