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Firms enjoy $5b in tax aid: Treasurer

Small businesses are a major beneficiary of the Morrison government’s tax cutting regime, enjoying around $5 billion of tax relief both this year and next, Treasurer Josh Frydenberg says.

Treasury analysis of Australian Taxation Office data shows this relief is driving more job creation across the economy, with small and medium sized enterprises having created some 600,000 jobs between April of last year and September of this year.

“Not only are we delivering lower taxes, we are delivering more jobs,” Mr Frydenberg told Sky News on Monday.

However, he could not say whether the government would retain the low and middle income tax offset, which provides a tax reduction of up to $1080 for individuals but is due to expire at the end of the 2021/22 financial year.

“We will consider all of our options in terms of broader tax reform, but what we have said is that we are committed to deliver lowering taxes and that’s our track record,” the treasurer said..

“The leopard doesn’t change their spots – the Labor party is committed to higher taxes, we are delivering lower taxes.”

However, Labor insists it will not be taking the same tax package to the upcoming election as it took to the last one.

“We’re focused on multinational tax avoidance,” shadow assistant treasurer Stephen Jones told reporters in Canberra.

“Most Australians would agree that if we give an overseas company the right to come over here and make lots of money, whether they’re in mining or anywhere else, they should be paying their fair share.”

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