Last week's passing by the senate of company tax cuts for businesses turning over less than $50 million is a win for the building and construction industry, the economy and the community, says Denita Wawn, CEO of Master Builders Australia.
“This is a big win for 121,000 small and medium building businesses and will support the creation of more than 8,000 new jobs per year," she said.
“Building and construction is the nation’s second largest industry and one of the heaviest taxed," said Wawn.
"This company tax cut will reduce the tax burden by more than $700 million for thousands of small and medium family building firms when fully implemented."
Wawn said Master Builders now calls on the government to lower taxes for larger businesses to "ensure Australia remains internationally competitive and able to secure our fair share of international and domestic investment."
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