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Business tax cuts claim to face inquiry

The Color Toner Experts

A pledge from chiefs of some of Australia’s biggest businesses to create more jobs if the Senate passes company tax cuts will be scrutinised by a parliamentary inquiry.

The Business Council of Australia issued a joint statement last week committing to invest, create jobs and boost wages if the cuts were approved by parliament.

The signatories included BHP, EnergyAustralia, Fortescue Metals, JBS Australia, MYOB, Origin Energy, Qantas, Wesfarmers and Woodside.

Labor successfully referred the commitment to the upper house’s economics committee on Monday, with a report due the day before the budget is to be handed down on May 8.

The inquiry will look at the companies’ wage growth and employment estimates, while also asking them to detail how much tax they have paid in the past five years and the expected tax benefit if the cuts are enacted.

The government is yet to get the Senate’s support for its legislation to cut the corporate tax rate from 30 per cent to 25 per cent.

Debate on the bill was postponed on Monday as the government continues to lobby for the crucial votes of independents Derryn Hinch and Tim Storer.


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