News

Businesses wanted 1% tax cut

Tweed Chamber of Commerce president and businessman Rory Curtis.
Tweed Chamber of Commerce president and businessman Rory Curtis. Blainey Woodham

TWEED Chamber of Commerce president and businessman Rory Curtis is disappointed the 2012 federal budget offers no compensation to businesses slugged with an increase in superannuation payments.

As a product of the Mining Resource Rent Tax legislation passed earlier this year, employer superannuation contributions will be raised from 9% to 12% over the next six years.

Prior to the legislation being passed, the government said it would deliver a 1% cut to company tax, but never delivered on the promise.

"It's disappointing the 1% cut hasn't come through because after the rise in electricity prices from the carbon tax, superannuation is going to be the next biggest cost for business," Mr Curtis said.

"There's not a lot of joy for business in this budget.

"But I am a realist, they have a budget to balance and a credit card bill of $400 billion and I'd like to see that return to surplus.

"But if you're going to put an impost like extra superannuation on businesses and not offset anything it's not right."

The NSW Business Chamber has echoed Mr Curtis' view.

CEO Stephen Cartwright is furious the budget fails to reward Australian businesses for driving the world's most resilient economy.

He said the loss carry back scheme and the increase in the small business instant asset write-off scheme were welcomed but were not an appropriate replacement for a cut in the company tax rate.

"The scheme is estimated to only contribute about a sixth of the value a cut in the company tax rate would have provided to business," Mr Cartwright said.

"The government's decision to dump their promise to cut company tax to 29% is a blow to small and medium enterprises across the country, especially those who are not getting any benefit of the mining boom.

"Instead, the government has chosen to redirect this funding to household support, despite households already receiving generous support for the impact of the carbon tax in previous packages."

Mr Cartwright said he was pleased, however, that Prime Minister Julia Gillard and Treasurer Wayne Swan had delivered on their commitment to return the budget to surplus.

"A strong sense of fiscal responsibility and a determination to balance the nation's finances should be applauded when compared to other nations which are facing up to the reality of painful austerity measures due to lax spending restraint," Mr Cartwright said.

"Returning the budget to surplus will help to take pressure off interest rates and exchange rates, both of which are hurting Australian businesses."

Topics:  federal budget 2012, nsw business chamber, rory curtis, tweed chamber of commerce



Ipswich traffic cops prepared for huge weekend

Senior Sergeant Troy Hamilton is reminding people to drive safely this Christmas period. Photo: David Nielsen / The Queensland Times

Police out in force as holiday makers come home

West Moreton's $8 million health budget blow out

The latest performance results are out for Ipswich Hospital. Photo in operating theatre.
Photo: Kate Czerny / The Queensland Times

Pressure mounts on financially strained service

AWLQ breaks its silence on controversial pound deal

The Ipswich pound and rehoming centre will be run by RSPCA after September 30.

Animal Welfare League Queensland has written a letter to you.

Local Partners

Marvel's Luke Cage S1E6: Suckas Need Bodyguards review

Rosario Dawson and Mike Colter in a scene from the TV series Marvel's Luke Cage. Supplied by Netflix.

*WARNING: spoilers if you haven't seen Marvel's Luke Cage*

Marvel's Luke Cage S1E5: Just To Get A Rep review

Mahershala Ali, centre, in a scene from the TV series Marvel's Luke Cage. Supplied by Netflix.

*WARNING: spoilers if you haven't seen Marvel's Luke Cage*

Marvel's Luke Cage S1E4: Step In The Arena review

Mike Colter in a scene from the TV series Marvel's Luke Cage. Supplied by Netflix.

*WARNING: spoilers if you haven't seen Marvel's Luke Cage*

Rob Kardashian admits his first crush was his sister Kim

Rob Kardashian once had a crush on his sister Kim Kardashian West.

Marvel's Luke Cage S1E3: Who's Gonna Take The Weight

Mahershala Ali in a scene from the TV series Marvel's Luke Cage. Supplied by Netflix.

*WARNING: spoilers if you haven't seen Marvel's Luke Cage*

Marvel's Luke Cage S1E2: Code of the Streets review

Simone Missick and Mike Colter in a scene from the TV series Marvel's Luke Cage. Supplied by Netflix.

*WARNING: spoilers if you haven't seen Marvel's Luke Cage*

Beach-side real estate starts at $85k on Fraser Coast

HERVEY BAY REAL ESTATE: You can buy this townhouse in Scarness for under $300k.

Live your beach-living dream locally.

$40million hotel, shops development project for Mackay

Mt Pleasant hotel and retirement accommodation, proposed at 194-202 Malcomson St.

$40m development to take Mackay to 'the next level'

Housing report points to a lift in local market

AFFORDABLE HOMES: First home buyers have the opportunity to purchase modern new homes in the Ipswich region for under $400,000.

Region shaping up as the "final frontier” for affordable housing

Five ways to slash household bills and save the environment

THINK GREEN: Considering the environment when building or buying your next home can save you big dollars. The Village Building Company, who is responsible for Woodlinks Village at Collingwood Park, builds homes with this front of mind.

THERE is nothing as sweet as slashing dollars from your bills.

Investors out-bid first-home buyers in booming market

Housing generic.

Ipswich's housing market is putting more cash into sellers’ pockets