Company tax rates for small and medium-sized businesses will be slashed five years earlier than expected after Labor announced it will back the Coalition's plan to fast-track tax relief - the news has been welcomed by Conservative Party leader Cory Bernardi who has been calling for accelerated tax reduction for months.
Prime Minister Scott Morrison announced yesterday he would seek to accelerate its tax cuts for businesses with a turnover of up to $50 million - the tax rate for those companies has already been reduced from 30 to 27.5 per cent and is scheduled to drop to 25 per cent by July 2026, but the Coalition wants to bring those tax cuts forward so that the plan is fully implemented five years earlier.
Senator Bernardi has told 2GB's Luke Grant he's all for the tax cuts but realises the government has a difficult juggling act to balance the budget as well.
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