The Coalition's push to lower company tax rates remains undaunted as outrage grows at revelations from the financial services royal commission, with some Senators suggesting that savings by the big banks be quarantined for customer compensation.
Australian Conservatives founder Cory Bernardi has repeated his support for the government’s proposed tax cuts which would lower corporate tax rates for all companies from 30 per cent to 25 per cent by 2026-27.
The Australian Financial Review reports Senator Bernardi says are a number of ways to ensure integrity in banking but the tax system is not one of them.
"I think tax policy needs to be as simple and straightforward as possible," he said.
Key Senate crossbenchers warned any move by the government to exclude the banks from company tax relief was a deal breaker for their support.
Liberal Democrat David Leyonhjelm said it was a "dumb idea".
"It's exceedingly bad policy to have different rates of tax for different businesses," he said. "I won't vote for it if that's one of the conditions."
Queensland independent Fraser Anning said "cherry picking" which companies benefited from the tax cuts would create a precedent for other industries to be targeted.
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