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

The federal government has passed legislation to secure 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.

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