TREASURER PATCHES UP HIS OWN PATCH-UP
Another day, another muck up by Scott Morrison.
Since its announcement, Labor has supported cutting taxes for businesses with a turnover below $2 million.
However, as early as September 2016, tax experts have warned that the actual legislation itself was unclear about whether or not bucket companies earning so-called passive income would be eligible for this tax cut.
The Turnbull Government initially denied that there was a problem, then after more than a year, they admitted that their legislation was faulty, and introduced a bill to fix it.
We were assured that this would be the end of it. But today, we will see the Turnbull Government patching up their patch-up. They have to amend their own amending bill, admitting - yet again – that they can't get the basics right.
This is an omnishambles. But what else would you expect from a Treasurer who was rolled by Cabinet on GST, wasn’t told by the Prime Minister when the budget date had been changed, and continued telling mistruths on negative gearing that contradicted Treasury advice?
The Turnbull Government is so busy fighting for tax cuts for millionaires and multinationals that they have recklessly caused chaos and uncertainty for small businesses.
This new blunder by Scott Morrison and his colleagues underlines the need for stable economic management.
Economic leadership starts with getting the basics right.
WEDNESDAY, 7 FEBRUARY 2018