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‘Small business deserves it’: Prime Minister to fast track tax cuts

The Prime Minister is confident he can pass new laws to bring forward further tax cuts for small and medium-sized businesses.

The government has already locked in future tax cuts but wants to implement the measures sooner.

Under the plan, companies with an annual turnover of less than $50 million would have their tax-rate lowered to 25 per cent within four years.

Legislation for the $3.2-billion dollar policy will go before parliament next week.

Prime Minister Scott Morrison tells Ross Greenwood the change will benefit millions of owners and employees.

“We believe small business deserves it.

“We want to see them pay lower taxes. We want them to keep more of what they earn so they can invest it back into their business.”

Opposition Leader Bill Shorten says Labor will consider the proposal but would prefer to see more of the tax cuts go towards individualsĀ rather than businesses.

But Mr Morrison says, “that’s not the case”.

“What they want to do is cut in half the $144-billion personal income tax cuts that we’ve legislated.

“What they want to do, Ross, is just spend more money. And they can’t control their spending so they’re going to put taxes up.”

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