National promises it will ’empower small businesses to grow, thrive and succeed’ | 1 NEWS

National leader Judith Collins says her party’s small business policies ahead of the election would “empower small businesses to grow, thrive and succeed”.

Judith Collins – file.
Source: 1 NEWS


“The only sustainable way to create new jobs is to reduce barriers, costs and uncertainty for the private sector, and in particular small businesses,” Ms Collins said. 

National promised in May, under former leader Simon Bridges, a GST cash refund of up to $100,000 for businesses that have lost over half of their revenue across two months due to the lockdown rules. 

She said today National’s small business plan would also allow small businesses to invest in new equipment and machinery, allowing deductions of new capital investments up to $150,000 – also announced in May. 

National also pledged to give people who lost their job up to $30,000 in capital, going towards a new business ideas –  made up of $20,000 of the person’s own KiwiSaver and at least $10,000 in tax credits to pay GST or provisional tax.

In July, Prime Minister Jacinda Ardern criticised the proposal, saying it would “undermine New Zealanders’ retirement savings”. 

National’s finance spokesperson, Paul Goldsmith, said businesses needed confidence to invest and create more jobs. 

“National will lift the threshold to expense new capital investment from $5000 to $150,000 per asset,” Mr Goldsmith said. 

National also promised to increase the provisional tax threshold to rise from $5000 to $25,000 and raise the compulsory GST threshold from $60,000 to $75,000.

Source Article