Breaking: Labor to support tax cuts for small business

Labor leader Bill Shorten has announced the party will throw its weight behind the Coalition’s move to slash company tax rates for small and medium-sized businesses.

The support will fast-track the tax break which was expected to be phased in by 2026-27. With Labor’s support, the tax relief could come into effect five years earlier than expected.

The proposed legislation means companies with annual turnovers of $50 million or less will have their tax rates cut to 25 per cent in 2021.

The legislation is expected to be introduced to Parliament next week.