Padstow company to expand and employ more, thanks to Turnbull tax cuts
PADSTOW company VBP Interiors says it will be able to provide for more jobs, thanks to the company tax cuts passed recently by the federal government.
The Express
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PADSTOW company VBP Interiors says it will be able to provide for more jobs, thanks to the company tax cuts passed recently by the federal government.
VBP Interior’s Managing Director Oliver vom Bruch said it will help small businesses like his when he met Prime Minister Malcolm Turnbull who visited his store on Tuesday, July 3.
VBP Interiors, a shop-fitting business, employs 30 people and has been in operation for a dozen years.
Mr Turnbull, who was accompanied by Banks federal Liberal MP David Coleman, spoke to Mr vom Bruch on the benefits of the recent company and personal tax cuts.
Mr Turnbull even had time to take one of his selfies with members of the staff.
Mr Coleman said more than 66, 000 taxpayers in Banks stand to benefit from the low and middle income tax relief in the upcoming 2018-19 financial year.
Mr vom Bruch said the cuts will help his firm and employees.
“The reduction in the company tax rate helps companies like ours to re-invest back into the business and create more jobs,” Mr vom Bruch said.
“The personal tax cuts will also help to increase the take home pay of employees.”
Mr Coleman said the tax cuts were, “an important element of the government’s plan to continue to strengthen the economy, as it enables business to invest more and create more jobs”.
“VBP Interiors — like thousands of business in the electorate of Banks — has seen their tax rate reduced from 30 per cent to 27.5 per cent,” Mr Coleman said.
“Last year was a record year for job creation in Australia, with 415,000 jobs created.”
The government’s personal income tax cuts, which came into effect on July 1, will benefit taxpayers earning under $125, 000.
Employees with a salary between $48,000 and $90,000 will see an annual benefit of $530 from these tax changes.