CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Australian Firms Promise Investment For Tax Cuts

Australian Firms Promise Investment For Tax Cuts

by Mary Swire, Tax-News.com, Hong Kong

22 March 2018


The CEOs of several major Australian firms have pledged to amp up investment if the Senate passes the Government's proposed company tax cut.

Under the auspices of the Business Council of Australia (BCA), the business leaders wrote to senators on 21 March. The letter said that a reduction in the company tax rate "is urgent and vital to keep Australia competitive."

The letter added that if the Senate passes the Government's legislation, "we, as some of the nation's largest employers, commit to invest more in Australia which will lead to employing more Australians and therefore stronger wage growth as the tax cut takes effect."

The letter was signed by the President and CEO of the BCA, and by the CEOs of Woolworths, Wesfarmers, Qantas, and BHP, among others.

This is the Government's second attempt at passing its Enterprise Tax Plan through parliament. The legislation proposes increasing the turnover threshold for access to the lower, small business company tax rate each year to 2023-24, and a reduction in the headline rate to 25 percent for all businesses by 2026-27.

If it is to succeed, the Government will need the support of nine cross-bench senators, as both the Labor Party and the Greens are opposed to the proposals. Four crossbenchers have now indicated that they will vote with the Government.

Pauline Hanson, leader of the One Nation party, told Sky News this week that she is "talking to the Government" and has "an open mind about this." Hanson controls three Senate votes.

TAGS: tax | investment | small business | business | corporation tax | Australia | tax thresholds | legislation | tax rates | tax reform | trade association | trade

To see today's news, click here.

 















Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »