Govt to release business tax draft

The federal government says it will introduce legislation for business tax cuts during budget week in May, in a bid to meet a promised start date of July 1.

An exposure draft of the legislation will be released on Wednesday.

Finance Minister Penny Wong earlier on Tuesday avoided committing the government to the promised start date for the tax cuts, citing parliamentary uncertainty.

The planned one per cent cut in the company tax rate will be funded by revenue from the minerals resource rent tax, which is expected to clear parliament before the end of next week.

Australia’s 2.7 million small businesses will get a head start.

The tax cut will apply from July 1 for small businesses, a year before big business gets its cut.

Senator Wong said the government was committed to reducing the company tax rate, particularly for small business.

She urged the Senate to support the mining tax legislation so the government could meet its promise to small business.

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