Coalition to bring forward small business tax cuts

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By Leith van Onselen

The AFR reports that the Coalition is pushing ahead with plans to bring forward previously legislated tax cuts for small and medium businesses with turnover of $50 million or less to 2021-22 from 2026-27, which would cost up to $3.6 billion. Labor opposes a further reduction in the small business tax rate, but it could face the prospect of having to go into the election with a policy of reversing the additional tax cuts:

The government has already decided it will fast-track the tax cuts that have been legislated for businesses with turnovers capped at $50 million but that change will require new legislation…

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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.