Turnbull’s corporate tax cuts deferred to later this year

The government has shelved its plan to bring in company tax cuts in this session of Parliament after it failed to get support from Senate crossbenchers.

It’s now been deferred to when parliament resumes in August.

Finance Minister Mathias Cormann conceded more time was needed so the government would defer it until after the long winter break.

The government needs eight of the 10 crossbenchers to pass the legislation.

However, it is still four short, with Pauline Hanson’s One Nation and the two Centre Alliance senators firmly opposing the changes.

“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. We need more time to make our argument to our colleagues on the Senate crossbench and we, of course, will continue to make our argument in the Australian community,” Senator Cormann said.

The Senate is due to return in August and Senator Cormann said the government was still determined o getting the package through the Senate.

“We will do everything we can to get this legislation through,” Senator Cormann said.

“We believe it is critically important these cuts can be legislated because we wants to ensure businesses can be competitive.”

He said the “super Saturday” byelections on July 28 “will be a referendum on who has the better plan for a stronger economy and more jobs”, declaring that the polls in Longman and Braddon were an opportunity for voters to “send Bill Shorten a message”. 

Opposition leader Bill Shorten has risked a business backlash by pledging to repeal tax cuts for firms earning between $10 million and $50 million.     

An award winning author and journalist, commentator, lecturer, and speaker, Leon is a freelance business journalist who covers a range of areas including politics, strategy, globalization, leadership and all the big trends ahead. His main skill is summing up all the news that’s around. For the last 30 years, his main focus has been on management issues. He also produces two podcasts for RMIT University, Talking Business and Talking Technology. Leon has worked for Fairfax, News Limited, AAP and the Herald and Weekly Times.

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