THE NEWS WRAP: Government insists it’s committed to July 1 tax cut

The Federal Government has moved to reaffirm its commitment to cut taxes for small businesses on July 1, following uncertainty over the start date of the reduction.

 

Yesterday, Finance Minister Penny Wong said the government wanted to legislate the new mining tax before giving small firms a tax cut, but the 1 July start date has since been reaffirmed.

 

The confusion comes amid pressure by the Greens to direct the 1% company tax cut to small firms, rather than larger businesses.

 

Palmer to launch carbon tax legal challenge

 

Billionaire mining magnate Clive Palmer has confirmed that he will launch a high court legal challenge against the government’s carbon tax.

 

Palmer told the ABC last night that the carbon tax was “unconstitutional”, denying that he was using his wealth to shape public policy for his own benefit

 

LinkedIn hits three million Aussie members

 

Business networking platform LinkedIn has hit the three million user mark in Australia, the company has revealed.

 

A total of 313,734 Australian people on LinkedIn call themselves “entrepreneurs”. 

 

Overnight

 

The Dow Jones industrial average was up 1.63 points, or 0.01%, at 13,179.31. The Australian dollar fell to 104.41 US cents.

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