Company tax cuts a win for 800,000 firms: PM

The federal government has passed legislation to secure 24 billion dollars worth of company tax cuts for small and medium-sized businesses. The move will see the company tax rate lowered from 30 to 25 per cent for businesses with an annual turnover up to 50 million dollars. Business groups have welcomed the measure, but the Labor and Greens parties have criticised the deal.

Treasurer Scott Morrison, Prime Minister Malcolm Turnbull and Minister for Finance Senator Mathias Cormann Source: AAP