A Coalition plan for a company tax rate of 25 per cent within a decade now seems unlikely, with the Nick Xenophon Team’s three senators to vote against proposed tax cuts.
The Australian Financial Review reports that the NXT would not support a tax decrease for companies with more than $10 million revenue, with Xenophon saying his party would not be swayed on the issue.
The Malcolm Turnbull government needs at least nine of 11 cross-benchers’ support to pass the phased tax reductions over the years to 2026 – 2027, which were a major part of the 2016 budget.