Labor backs small business tax cut
Labor will back a Federal Government move to bring forward tax cuts for companies with annual turnovers less than $50 million.
Those companies will have their tax rate cut to 26 per cent in 2020-21, then 25 per cent the following year, under legislation that will be introduced to parliament next week. The Opposition will pay for it by delaying the introduction of its proposed Australian Investment Guarantee by 12 months.
‘‘With a Shorten Labor government, 99 per cent of businesses will receive a tax cut, no business will have their tax rate increased, and all businesses will be able to plan and invest with confidence and certainty,’’ Labor leader Bill Shorten said.