With Australia’s Senate all but certain to defeat the Turnbull Government’s Bill to lower the tax rate for all companies with turnovers above $50 million by 2026-27, Bluescope chief Mark Vassella has called on the Government to allow companies to write-off new investments. From The AFR:
Speaking on ABC radio, Mr Vassella called for Australia to follow Washington, including in giving business immediate expenses rules to allow companies to make a tax deduction for the full value of new plant and equipment as soon as the purchase occurs, rather than stringing out deductions over several tax years.
