tax cuts: Treasurer Scott Morrison confirmed while there will be tax cuts for business in his first budget, he won't be fast tracking them so that they are in place before a July 2 election is called later in the week."The budget will be legislated in the usual way," Mr Morrison told reporters in Queanbeyan - meaning it will be after the election, according to Nine News Australia. Company tax cuts are expected to be phased in and funded by a further crackdown on multinational tax dodgers as part of Mr Morrison "enterprise tax plan". Labor is unlikely to support a general cut in the company tax rate, although it does aspire to cut the tax rate to 25 per cent for small business from 28.5 per cent."We have made it clear we don't see with all the budget pressures, with all the cuts to health and education, the case for corporate tax cuts for large companies in this budget," shadow treasurer Chris Bowen told reporters in Canberra. Prime Minister Malcolm Turnbull says Tuesday budget will "outline" changes to the tax system to make it more sustainable, fairer and to set Australia up for the 21st century. The Australian Chamber of Commerce and Industry new boss James Pearson will be disappointed if the company tax rate isn't slashed to 25 per cent within the next decade from 30 per cent."Faster would be great but we have to recognise that government need to make trade-offs," he told reporters. Average full-time ordinary time earnings sit at just above $78,000, near the top end of the 32.5 per cent tax rate range. It should also be a budget for the next two decades, "not just for next two months". Also flagged are tax adjustments for average-earning Australians to offset the impact of wage inflation pushing them into the second-highest tax bracket, otherwise known as bracket creep.
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