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Australia: Company Tax Plan Passed by Lower House
Source: http://www.skynews.com.au
Source Date: Monday, March 27, 2017
Focus: Knowledge Management in Government, Institution and HR Management
Country: Australia
Created: Mar 31, 2017

The Turnbull government's $50 billion worth of tax cuts for Australian businesses has cleared parliament's lower house.The centrepiece of last year's budget, which Labor voted against, will reduce the corporate tax rate to 25 per cent for all companies over the next decade.Treasurer Scott Morrison has told MPs the measure works to deliver job security, stronger wages, increased investment and the growth that Australians depend on.The company tax rate presently sits at 30 per cent, apart from businesses with a turnover of less than $2 million which pay 28.5 per cent.A new opinion poll shows support for the company tax change, particularly from coalition voters.According to the Fairfax/Ipsos poll published on Monday, 44 per cent of voters back a cut to the tax rate to 25 per cent, while 39 per cent oppose the idea.Former chairman of the National Commission of Audit Tony Shepherd has told Sky News the company tax rate is needed to boost the Australian economy.'I don't know what's going to inspire investment and growth if we don't do something like that,' he said.'

Business is what drives our economy their sitting on their cheque books at the moment and their not investing, private investment is down.'Mr Shepherd warned that if these tax cuts aren't passed there will be no way to drive investment and in turn boost jobs.'Until they open their cheque books and start investing we're not going to lift our productivity, we're not going to lift jobs, and we're not going to be able to get real wage increases so there is very little else the federal government can do to inspire the growth of the business sector.'Two independent MPs also want greater scrutiny of the banks, a hot topic coming after last week's independent mortgage rate changes.Business Council of Australia CEO Jennifer Westacott says 'we are living in a false paradise in this country.''We've got to actually think about the national interest as we fall further behind the rest of the world,' she told Sky News.'Everybody in the world is lowering their tax rate - Britain, the US saying they're going to put theirs to 15.'For us to just even stay in the game we got to get to 25, so doing 10 and then, you know, that's job done, it is not job done, it's so far away from job done it's not even funny.'

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