The Coalition was aiming to cut the tax rate for big businesses with an annual turnover of more than $50 million to 25 per cent by 2026/27, but theThe Government was only able to pass tax cuts for small and medium-sized enterprises with less than $50 million annual turnover. A rate cut from 30 per cent to 27.5 per cent started on July 1, 2018, and more will follow.
To help pay for the cost of the SME tax cuts, Labor said it would delay introduction of the AIG to July 1, 2021.The expected cost to the budget of bringing forward the tax cuts will be $3.2 billion over the four years to 2021-22. Since then the Government has implemented a number of its suggestions, including strengthening Australia's transfer pricing rules to prevent profit shifting by multinationals through excessive related party payments.
Increasing penalties for multinationals failing to lodge tax documents on time and making false or misleading statements to the ATO. It applies to entities with global incomes of $1 billion or more Having a community sector representative on the Government's tax advisory body, the Board of Taxation. Labor says tax advisers and multinational companies are well-represented on the board, but there are no community representatives. It says this potentially skews the interests and feedback given by the board.
I haven't read the abc crap but know labor WILL NOT help business!!!