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The Morrison Government intends to bring forward a reduction in the tax rate for small and medium enterprises (SME). Prime Minister Scott Morrison is set to announce that the SME tax rate will be reduced to 26% in 2020-21 and 25% in 2021-22, rather than take effect in 2026-27 as originally envisaged. From The Australian:
The policy is understood to have gone through a meeting of the government’s razor gang yesterday, with a price tag of $3.2 billion over the forward estimates…
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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.
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