COALITION’S Lunch Plan Stirs Fiery Debate Over Small Business Future
— The COALITION’s proposal to offer tax deductions for business lunches has sparked a heated debate. Treasurer Jim Chalmers criticized the plan, noting that 25,000 new firms are created monthly. He suggests this shows strong small-business growth despite economic hurdles. The Coalition argues their plan supports hospitality and highlights 27,000 insolvencies since Labor took office.
Westpac is boosting its business banking by investing $10 million in Lawpath to provide legal services to customers. This move aims to increase Westpac’s market share by offering a year-long subscription for legal documents and registration services. It reflects Westpac’s strategy of providing non-banking perks to attract small business clients.
The federal government claims Peter Dutton’s tax deduction plan for business lunches could cost taxpayers $1.6 billion annually if fully used by eligible businesses. This measure targets small businesses with turnovers up to $10 million and would be exempt from Fringe Benefits Tax for two years. Critics argue it shifts costs onto workers while aiming to cut red tape under a potential Dutton-Coalition Government.