Tax cuts for small business as big end of town waits
Nearly one million small and medium-size businesses will be handed a tax cut from 1 July, but big business will have to be satisfied with a promise to reduce the corporate rate over time from 30 to 25 per cent.
In tonight’s budget, Scott Morrison will cut the company tax rate for small firms from 28.5 per cent to 27.5 per cent and make the surprise move to lift the eligibility threshold from $2 million in turnover to $5 million. The company tax changes will set up a political fight with Labor, which believes a lower company tax rate is a good aspiration but has prioritised increased health and education spending.
Read the full story at The Australian.