Labor defends business tax cut plan

The federal opposition argues it is being fair to small business despite coming under fire for planning to wind back some legislated corporate tax cuts.

LABOR AND BUSINESS TAX:

* Labor says in government it will wind back the tax cut which applies to businesses with turnovers of between $10 million and $50 million

* There are also discussions in the party about the future of the $2 million to $10 million bracket

* Labor argues its policy will still deliver a tax cut for the vast majority of businesses, but not the top end of town, and put $20 billion back into the budget

* The number of Australian businesses with turnovers under $2 million is 856,528 (91 per cent of all companies)

* Those with turnovers between $2-$10 million number 64,395 (6.8 per cent of the total)

* This leaves 20,243 companies with turnovers above $10 million (2.2 per cent of all companies)