For companies of all sizes, the tax reduction was to be paid for from the proceeds of the Mineral Resources Rent Tax (MRRT) and the expanded Petroleum Resources Rent Tax (PRRT), set to be implemented in July.
But following resistance from Australia’s opposition parties, Treasurer Wayne Swan announced the cuts would be postponed, adding an estimated A$4.7 billion to the budget, expected to help fund a government handout to families.
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