What Xenophon got in company tax deal

What the Nick Xenophon Team received in the deal on the federal government's company tax cuts.

THE PRICE OF NICK XENOPHON'S SUPPORT FOR COMPANY TAX CUTS:

* Single people receiving the aged pension, disability pension or parenting payment will receive a $75 payment, with couples receiving $125 as a one-off to help them with power bills.

* By July 1, 2018 a new "power affordability and reliability policy" - informed by a joint study by the Climate Change Authority and Australian Energy Market Commission.

* Government to consider a "use it or lose it" policy for companies sitting on undeveloped gas fields and put pressure on the big gas suppliers to ensure domestic supplies.

* A loan of up to $110 million would be provided for a new solar-thermal plant at Port Augusta in SA.

* A study conducted into a gas pipeline from the Northern Territory to SA.

WHAT THE GOVERNMENT GETS:

* A company tax cut for businesses with a turnover of up to $50 million per year.

* The tax rate will progressively reduce - in 2016/17 it will be up to a $10 million turnover; in 2017/18, it will be up to a $25 million turnover; and in 2018/19, it will be up to a $50 million turnover.


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Source: AAP



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