Tax plans won’t change under Morrison

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Marnie Banger
(Australian Associated Press)

 

Newly-minted Prime Minister Scott Morrison won’t resurrect tax cuts for big businesses that his party dumped last week under Malcolm Turnbull.

Mr Morrison says he also won’t deviate from plans to bring forward tax cuts for small and medium businesses instead.

“The announcement that I made with the former prime minister, Mr Turnbull, last week, absolutely holds,” he told reporters in Sydney on Wednesday.

Malcolm Turnbull dumped the controversial plan to cut the corporate rate for big businesses from 30 to 25 per cent last Wednesday after it was defeated in the Senate.

Instead, he said the government will look at bringing forward already legislated cuts for businesses turning over up to $50 million.

Mr Morrison said he would work with new Treasurer Josh Frydenberg and Small Business Minister Michaela Cash to deliver on the pledge.

“I have stood with Malcolm Turnbull to ensure we kept our economy strong and got people into work and my team is standing with me now to continue all of that work,” he said.

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Categories: Tax