"They did back pedal and fail to deliver on the company rate cut prior to the mining tax actually producing anything didn't they? Their excuse was they needed the money wasn't it?" ---------------------------------/
No boatboy.
The original RSPT was to reduce Company tax initially to 28% then to 25% when the budget could afford it.
The change in RSPT to MRRT also entailed a change to the proposed company tax cut to 29% rather than 28% (due to lower mining tax take). This was also supposed to take effect for small business straight away.
The Greens opposed big business getting the 1% cut so wouldn't support it.
The Libs opposed the reduction in the company tax cut full stop because it was funded by the MRRT (although they happily kept the super increase that was also funded by the MRRT)
So the government scrapped the company tax cuts and instead stimulated the household sector.
Other benefits to business from the MRRT package include the 1 Million loss carry back provision, the increase of the instant asset write off from 1k to 6.5k (used as many times as you like) and the single depreciation pool set at 30% instead of the old multiple pools most of which depreciates at 5%.
