Turnbull close to big win on company tax plan

March 21, 2018

Malcolm Turnbull’s chances of ­securing new company tax cuts have received a boost with indications crossbench Senators could join Australian Conservatives’ leader Cory Bernardi in supporting the much-needed reforms.

The Australian newspaper reports Senators David Leyonhjelm, and Fraser Anning are already on board and with the support of Senators Derryn Hinch, Tim Storer and Steve Martin, along with the three One Nation Senators the government will be able to pass the bill.

One influencing factor is the positive impact of Donald Trump’s business tax cuts in the United States.

The Nick Xenophon Team, which has two senators, say they will not support the bill.

Rio chief executive Jean-­Sebastien Jacques raised the stakes in the heated tax debate, recognising that business tax cuts were unpopular but insisting they would stimulate growth and improve livelihoods.

“The tax system needs to support the next generation of disrupters, businesses and exporters to drive prosperity for all,” Mr Jacques told a Committee for Economic Development of Australia dinner.

The corporate tax reforms, would extend the 25 per company tax cut to businesses with a turnover of more than $50 million.

To read the entire The Australian article by Ben Packham and Richard Gluyas, click here.

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