Prime Minister Scott Morrison promises to fast track new business tax cuts

Morrison vows to fast-track tax cuts for small business – at a cost of $3.2bn

In a bid to widen the policy difference with Labor, Mr Morrison will today commit to new legislation that would bring forward the tax cuts for businesses with turnovers up to $50 million.

Scott Morrison announced on Thursday that the tax cuts for businesses with an annual turnover of less than 50 million Australian dollars (35.36 million US dollars) would be brought forward five years at a cost of 3.2 billion Australian dollars.

"This means businesses with a turnover below $50 million will face a tax rate of just 25% in 2021-22 rather than from 2026-27 as now legislated".

It was scheduled to fall to 25 per cent in 2026-27.

The Government's latest move comes after it abandoned its tax cuts for bigger businesses because they were rejected by the Upper House.

"The new tax cuts will enable us to have additional money in our pocket that we can re-invest back into infrastructure, staff or marketing purposes to continue to grow our brand", Nunez tells SmartCompany.

But by Friday Labor had matched Morrrison's commitment.

"We're prepared to compromise in the national interest", Shorten said on Friday.

Treasurer Josh Frydenberg says the move is a challenge for Labor which has said it wants to keep the rate at 27.5%.

"This is a very big boost to businesses that employ more than half the Australian workforce", he said.

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Morrison plans to bring the legislation before parliament in the next few weeks.

"The era of simply expecting people to benefit from giving huge tax cuts to large businesses and corporations, those days are gone".

While they have been controversial overall, those proposed for small and medium-sized businesses - defined as those with an annual turnover of less than $50 million - have found more support.

Minister for Small and Famiy Business Michaelia Cash has travelled across the country visiting businesses and told 2GB the government wants to simplify regulation.

Business Council chief executive Jennifer Westacott said the cuts would breathe life into businesses in cities, towns and regions.

Labor leader Bill Shorten isn't ruling out supporting the proposal.

"In a tough trading environment it is pleasing to see the Government recognise the importance of maintaining the viability of small businesses such as community pharmacies", Mr Quilty said.

We will introduce legislation during the next session of Parliament, fast-tracking our business tax relief for more than three million businesses that employ almost seven million Australians.

The Australian Chamber of Commerce and Industry (AICC) echoed that view.

"This will mean more investment, more jobs and higher wages".

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