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Labor has promised a 30 per cent tax deduction for small businesses that hire younger or older jobseekers who have been unemployed for at least three months as part of its campaign launch.
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Labor promises tax deduction for small business
06 May 2019
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Opposition Leader Bill Shorten has announced that small businesses with an annual turnover of up to $10 million will be able to claim an extra 30 per cent tax deduction on the wage of a jobseeker aged under 25 or over 55 if they have been unemployed for at least three months, or a parent or carer returning to work.
The measure, set to cost the budget $141 million over the forward estimates, will allow businesses to claim for up to five new employees for the first year of employment, capped at $50,000 per company.
Council of Small Business Organisations Australia chief executive Peter Strong said employers paying workers $50,000 would get a rebate of $1,500.
“It’s not an awful lot, but it’s not petty cash either,” he told ABC NewsRadio on Monday.
“It makes you think about a group you might not have thought about which is really good news.”
Labor estimates that 20,000 people a year will benefit from the measure.
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“I am proud to put youth unemployment on this election agenda because young people, youth unemployment, it’s more than double the national average, it’s much higher, in many communities, and what a waste. What a waste of hope and human potential,” Mr Shorten said in Brisbane.
“There is a battle which nearly 100,000 older Australians face when they’re longer in periods of unemployment when they’re looking for work, a battle of some older Australians have just surrendered in, been forced to give up. You know who I’m talking about — the older Australians who can’t get themselves back in the game not for lack of effort but for lack of a chance.
“This is fair go economics at its very finest.”
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