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.