The Coalition postponed its attempts to pass the corporate tax cuts. The Minister for Finance, Senator the Hon Mathias Cormann, said in Parliament on Tuesday that he is confident the Government will have the votes after the Budget in May. With 37 of the required 39 votes confirmed, the Government will need to gain two more votes during the next sitting week.
The legislation, which would cut the corporate tax rate for big businesses from 30 per cent to 25 per cent, is yet to receive support from the undecided Senator Derryn Hinch and new South Australian Senator Tim Storer.
The Government passed the first part of their corporate tax cuts in 2017 which lowered the tax rate from 30 per cent to 25 per cent over ten years for businesses with annual turnover of less than $50 million. The Senate is currently debating the second part which will extend the tax cut to businesses with turnover of more than $50 million. The Opposition has confirmed that it will repeal the tax cuts in the event they win the next election.
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