Morrison government to fast-track company tax cuts

It's believed the promise will cost $3.2 billion over the Budget’s forward estimates.

Prime Minister Scott Morrison is expected to announce company tax cuts will be fast-tracked Source: AAP

Tax cuts for small and medium-sized businesses will be brought forward by five years, Prime Minister Scott Morrison is expected to announce.

Companies with annual turnovers of less than $50 million will have tax levels cut to 26 per cent in 2020-21 and 25 per cent the following year, The Australian reports.

Mr Morrison will outline the new policy - an update to a plan that originally envisioned corporate taxes being cut to 26 per cent by 2025-26 - in a speech in Melbourne on Thursday.

More to come