Every big business that would benefit from the company tax cut, in one chart
From the banks to mining giants, and the supermarket duopoly,
hundreds of businesses are in line for the Government’s planned big company tax cut.
- The problem for the Government? The Senate doesn’t support it.
- That hasn’t stopped Malcolm Turnbull and his team trying to win the crossbench over.
- Its latest pitch shows it wants them to know just what companies would be eligible.
- Senator Mathias Cormann has distributed a dossier around the Senate that argues for the cut, including three “key propositions”:
- In a fiercely competitive global economy, Australia’s future economic prosperity is not guaranteed,
- Reducing business tax for all businesses is an important pro-growth reform for the Australian economy, and
- The prime beneficiaries of business tax reform will be wage-earners, shareholders (including self-funded retirees through their superannuation) and consumers.
- Most of the dossier is made up of a list of 1,622 businesses with revenue of more than $50 million, together with the sectors in which they operate. This information is included below.
- The Government’s signature tax reform would reduce the rate of company tax cut for all companies from 30 per cent to 25 per cent by 2026-27.
- The cut was already passed for small businesses, that is those with annual turnover up to $50 million from 2018-19.