Media release

Australian Minister for Trade, Mark Vaile

September 21, 1999

Exporters to Gain from Business Tax Reforms

Exporters will benefit significantly from changes to Australia's business tax system, Trade Minister, Mark Vaile, said today.

"Company tax rates will be lowered to provide businesses with an internationally competitive company tax rate, from 36 per cent to 34 next income year and to 30 per cent the following year," Mr Vaile said.

"This will boost investment, economic growth and jobs in Australia. Importantly, businesses will benefit from the substantial reforms to Capital Gains Tax announced by the Federal Government today," Mr Vaile said.

"Lower tax rates with expanded and simplified Capital Gains Tax rollover provisions will provide support to both existing and emerging businesses.

"The venture capital initiatives will boost the funding available for emerging exporters who will be the employers of the future. Already one-in-five Australian jobs are dependent on export industries and from these additional tax reforms, more will flow.

"Exporters are set to gain from lower business costs that include reduced compliance costs, simplified capital gains tax provisions.

"The package is a winner for all Australian export businesses, from agriculture to mining to manufactures to service industries."