Labor right to oppose Budget’s company tax cut

Wednesday 4 May 2016

Last night’s Federal Budget vowed to cut company taxes: for small-and-medium enterprises (SMEs) first followed by all corporations within a decade.

Specifically, last year’s company tax cut from 30% to 28.5% for small businesses with turnover of $2 million or less will be extended to SMEs with turnover of $10 million. Their tax rate will also be lowered further from 28.5% to 27.5% from 1 July 2016.

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About the author

Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.