The Council of Small Business Organisations Australia (COSBOA) launched a campaign on Monday, calling on Labor and the Coalition to lower the company tax rate from 25% to 20% for the 2.6 million businesses with an annual turnover of less than $20 million.
Research undertaken by Insightfully for COSBOA found that 69% of voters support tax cuts for small businesses. Notably, the vast majority of the 29,275 companies that have fallen into insolvency since the 2022 federal election have been small businesses.
COSBOA CEO Luke Achterstraat stated that small businesses, which account for 97.7% of all Australian firms, employ more than 5.1 million people and contribute $500 billion to the economy each year, are “bearing the brunt of the cost-of-living crisis, red tape, and staff shortages.”
