Historic Deal Between Coalition and Labor on Business Tax

An historic deal was announced tonight between the Labor Opposition and the Liberal-National Party government to pass business tax reforms.

The deal will see the Capital Gains Tax halved and the Company Tax Rate reduced to 30%. Other measures include capital gains tax concessions for venture capital and a crackdown on the use of tax shelters and general tax avoidance.

The agreement follows the Opposition’s support earlier this week for the government’s Medicare levy increase to pay for Australian troops in East Timor and agreement on the handling of refugee boat people.

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