Canberra, March 30: Slashing the pay as you go tax by 6 percent, the federal government of Australia is all set to relieve the small business owners and self funded retirees.
The initiative was launched in a joint conference addressed by Craig Emerson and Wayne Swan on March 28.
The 720 million dollar tax relief plan would be effective from July 1 this year and will improve the taxpayers’ cash flow in the hard hitting times of recession.
“Small businesses across the country are the backbone of our economy. That's why the Rudd Government is determined to do everything we can to help small businesses in the face of the global recession which is hitting the Australian economy,” said Wayne Swan, the treasurer.