MPs rubber-stamp company tax cuts

A tax cut for companies with a turnover of up to $50 million over the next three years has been approved by parliament.

Parliament has rubber-stamped tax cuts for Australian businesses earning up to $50 million a year - the centrepiece of last year's budget.

The lower house on Tuesday gave final approval for the first tranche of the 10-year plan after the government secured support in the Senate in March.

Treasurer Scott Morrison is set to introduce the second tranche of the tax cuts - to drop the rate to 25 per cent for all companies - during the winter session.