Company tax rates for small and medium-sized businesses will be slashed to 25% five years earlier, after the government heeded the call from Conservative Party leader Cory Bernardi who has been pushing for months for fast-tracking tax relief.
The Morrison government accelerated its tax cuts for shops, cafes, tradies, builders, manufacturers et cetera with a turnover under $50 million with a bill quickly put through parliament this week after Labor indicated its support.
Small to medium sized businesses has already received a tax cut from 30 to 27.5 per cent and was scheduled to drop to 25 per cent by July 2026, but the government has now brought those tax cuts forward so that the plan will be fully implemented five years earlier - 2021.
Senator Bernardi moved to bring the tax cuts even sooner, with a reduction 1 July next year and the 25% rate arriving 6 years early. The major parties rejected this proposal but the bill still passed with the 5 year acceleration.
Senator Bernardi has told 2GB's Luke Grant he's all for the tax cuts and explained why he wants tax relief for businesses even sooner.
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