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Breaking: Labor to support tax cuts for small business

- October 12, 2018 < 1 MIN READ

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.

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