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Australian Government Drops Plans for Further Corporate Tax Cuts — Orbitax Tax News & Alerts

In a joint press conference held 22 August 2018, Australian Prime Minister Malcolm Turnbull announced that due to continued lack of support in the Senate, the government has decided to drop its plans for further corporate tax cuts. The plans included extending to all companies the reduced corporate tax rate that is currently available for smaller businesses ({News-2017-05-26/A/2-previous coverage}) by gradually increasing the turnover threshold for the reduced rate and then removing the threshold from the 2023-24 income year. The required measures were included in the Treasury Laws Amendment (Enterprise Tax Plan No. 2) Bill 2017, which was formally rejected in the Senate on 22 August and will not proceed.