As the Turnbull government continues its push to get the remainder of its business tax cut plan passed, Labor has announced it will roll back most of the reductions already in play.
After months of deliberation, Opposition Leader Bill Shorten on Tuesday committed to rescinding tax cuts for businesses with turnovers between $10 million and $50 million if Labor wins government.
Labor is still considering what it will do about legislated tax cuts for businesses with turnovers between $2 million and $10 million.
"We said that we will support any Australian business with an under $2 million turnover to get a tax reduction," Mr Shorten told reporters after delivering a speech in Canberra.
"We think that small business can do with all of the assistance they can get."
Treasurer Scott Morrison hit back, saying Mr Shorten had confirmed "yet another giant, job-destroying tax" on businesses and the economy.
"Not only has Labor committed to ripping our personal income tax cut away from nine million Australians, they will now hit tens of thousands of businesses that employ 1.5 million Australians with high taxes," Mr Morrison told AAP.
"Labor has no plans to grow the economy, just plans to suffocate it with higher taxes, destroying jobs and stealing pay rises."
Corporate tax cuts for businesses with a turnover up to $50 million were agreed to by parliament last year.
Businesses with a turnover of up to $25 million are already enjoying a reduction to 27.5 per cent from 30 per cent, while businesses turning over up to $50 million see a reduction from July 1.
Under the government's plan, all companies will benefit from a corporate tax rate of 25 per cent by 2026/27.
However, the government's efforts to get the necessary eight out of 10 crossbenchers to support tax cuts for larger businesses is looking increasingly unlikely.
Prime Minister Malcolm Turnbull had promised a vote on the package this week, the final sitting of parliament before the winter break and a set of by-elections on July 28.
Mr Turnbull has only convinced four of the 10 crossbench senators to back the tax cuts.
The government fell short of two votes when it tried to get the tax plan passed just before Easter, but Pauline Hanson's One Nation has since reneged on a previous deal to support the cuts.
The two Centre Alliance senators haven't budged in months, neither has independent Tim Storer, while Derryn Hinch wants the turnover threshold set at $500 million.
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