Shorten sup­ports tax cuts

Herald Sun - - NEWS - ROB HAR­RIS

AL­MOST 900,000 Vic­to­rian busi­nesses will be guar­an­teed tax re­lief af­ter Op­po­si­tion Leader Bill Shorten con­firmed he will sup­port the fed­eral gov­ern­ment’s plan to fast track $3.2 bil­lion in com­pany tax cuts.

The move will de­liver sig­nif­i­cant tax re­lief for small and medium-sized com­pa­nies five years ear­lier than had pre­vi­ously been promised.

Tax rates for busi­nesses turn­ing over up to $50 mil­lion would be slashed from 27.5 per cent to 26 per cent in 2020-21, and down to 25 per cent in 2021-22.

The cuts will de­liver thou­sands of dol­lars a year back into the pock­ets of the na­tion’s army of self-em­ployed, and a com­pany mak­ing a $500,000 an­nual profit would pay $12,500 less.

Mr Shorten said yes­ter­day he would sup­port the move and pay for it by de­lay­ing the in­tro­duc­tion of its pro­posed Aus­tralian In­vest­ment Guar­an­tee by 12 months.

“Sup­port­ing this mea­sure pro­vides cer­tainty to small busi­ness ahead of the next elec­tion,” Mr Shorten said.

“La­bor will de­liver the same tax re­lief for small busi­ness as the Coali­tion.”

Al­most 6.6 mil­lion Aus­tralians, more than 1.5 mil­lion of them Vic­to­ri­ans, own or work for busi­nesses that turn over less than $50 mil­lion.

Prime Min­is­ter Scott Mor­ri­son plans to in­tro­duce the leg­is­la­tion when par­lia­ment re­turns next week.

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