Federal Treasurer Scott Morrison says the Turnbull Government will push ahead with plans to cut taxes for all-sized businesses after a $24 billion tax package targeting small and medium companies passed through parliament this week.
The government this week struck a last-minute deal with the Nick Xenophon Team enabling the passage of laws through the Senate that will give businesses with turnovers under $50 million tax relief by lowering their tax rate to 25 percent.
The package will cost $24 billion to 2026/2027 or $5.2 billion over the next four years.
It was not the result the government wanted, with the coalition initially seeking a cut for all-sized businesses at a cost to the budget of $50 billion.
Speaking on Sunday, Morrison said the government would continue to push for the full package.
"It is stage one of the plan," he told ABC television.
"We are pleased to see this passed. This delivers in full all the tax cuts we said we would be delivering in Parliament this week, that's some $5.2 billion.
"That delivers on what was outlined in last year's budget, for the budget and forward estimates. That is a very good outcome for Australian small and medium-sized businesses."
Morrison said the amended cuts would boost growth by one percent over the next 10 years.
"That's what the metrics show," he said.
"I don't take growth for granted. I work very hard to get every inch out of the Australian economy because that delivers the wage increases Australians need and I want them to get."
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