Conservative Party leader Cory Bernardi is calling for a quicker rollout of existing tax cuts for small and medium companies to drive investment amid a stalemate over the remainder of the government’s corporate tax plan.
The Australian reports, Senator Bernardi and at least four of the 10 Senate crossbenchers support dropping the tax rate to 25 per cent for companies with an annual turnover of up to $50 million much sooner than the legislated timeframe of 2026-27.
The Council of Small Business Organisations Australia pushed for the lower rate to be introduced six years earlier, on July 1, 2020, to send “a very solid message that businesses outside and inside Australia can come here and invest”.
Some Coalition MPs also argued there was space for the government to bring forward parts of its already legislated $144 billion personal income tax package if the rest of the company tax cuts failed to pass the Senate.
Finance Minister Mathias Cormann is standing by the company tax cuts policy in its entirety to lower the rate for all businesses from 30 per cent to 25 per cent in 2026-27, after panicked Coalition backbenchers and ministers were spooked by the Super Saturday by-election results.
Senator Bernardi says he thinks the Turnbull government should push on with trying to get the full tax package passed and he’s told 2GB‘s Steve Price there’s every chance they could pass in one form or another.