In tonight’s budget, Scott Morrison will cut the company tax rate for small firms from 28.5 per cent to 27.5 per cent and make the surprise move to lift the eligibility threshold from $2 million in turnover to $5 million. The company tax changes will set up a political fight with Labor, which believes a lower company tax rate is a good aspiration but has prioritised increased health and education spending.
Read the full story at The Australian.