Scott Morrison to accelerate tax cuts for small businesses
Prime Minister Scott Morrison has announced a decision to fast track its legislated tax cuts for small and medium-sized businesses by five years, introducing the 25 per cent rate in 2021-22. The decision is aimed at improving investment, jobs, and wages for companies with a turnover up to $50 million but could delay a return to surplus for the Federal Budget. More than three million businesses employing almost seven million people are expected to profit from the acceleration. The move is expected to cost around $3 billion.