Under Labor’s New Jobs Tax Cut, small businesses will be able to claim a tax deduction of up to $20,000 per worker to offset the wages of up to five new employees.
Just like the previous Labor Government’s instant asset write-off, businesses will be able to claim the New Jobs Tax Cut as part of their regular tax return. This minimises paperwork for busy employers
This represents a $257 million investment in getting older Australians, parents, carers and younger Australians back to work. It will help up to 30,000 Australians find a job each year.
Our New Jobs Tax Cut will reward small businesses that invest in jobs and do their bit to get these Australians back to into work.