Business with an annual turnover of $2 million or more will be denied company tax relief because the Coalition and the Greens will join forces in the Senate later this year to block a key element of the government's mining tax package.
In a policy turnaround yesterday, the shadow treasurer, Joe Hockey, said the Coalition would oppose not just the mining tax but the company tax cuts that it has been budgeted to fund.
This is a reversal on the position the Coalition adopted a year ago when it decided it would support the cuts associated with the mining tax because lower corporate tax was a core principle of the Liberal Party.
