Planned corporate tax cuts in Australia unveiled in the budget on May 3 are estimated to cost just over A$48bn (US$35.4bn) over the next 10 years.
Australia’s prime minister, Malcolm Turnbull, who confirmed shortly after the budget was unveiled that he will call a general election on July 2, had previously declined to offer a figure both in a television interview and in response to the opposition Labor party.
However, in subsequent Senate estimates, treasury secretary, John Fraser, said the 10-year cost of lifting the small business threshold to A$10m and reducing corporate tax to 25% would be A$48.2bn. The current rate is 30% and reached a record high of 49% back in 1986.
The first stage, from this July, will be a reduction from 30% to 27.5% in the rate for small businesses with annual turnover of less than A$10m, while an uniform rate for all businesses of 25% will be in effect by 2026-27. The policy reflects Turnbull’s belief that offering incentives to innovators is key to Australia’s continuing economic growth.
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