Corporate tax cuts put on ice
THE Turnbull Government has deferred a vote on business tax cuts until at least August, having failed to secure enough crossbench support in the Senate.
The government wants to cut the tax rate from 30 per cent to 25 per cent for companies with turnovers above $50 million a year, but cannot get the eight crossbench votes required.
Finance Minister Mathias Cormann announced today the corporate tax plan would not be put to a vote in the Senate this week - the final sitting week before the long winter break.
"Despite our best efforts to secure majority support in the Senate for our proposed business tax cuts, we have not yet been able to secure the necessary support," Senator Cormann told reporters in Canberra this morning.
However, he said the government "remains fully committed" to the business tax cuts, especially as Australia's international competitors cut their tax rates.
"It is the right thing to do for working families around Australia," he said.
"They were important when we went to the last election, they're even more important now."