Cutting company tax, repealing the mining and carbon taxes and introducing the new Exploration Development Incentive will free up resources for the private sector and create better incentives and more opportunities for business and individuals to succeed.

Company tax cuts

The Government remains committed to cutting the company tax rate by 1.5 percentage points from 1 July 2015. For large companies, the reduction will offset the cost of the Government's Paid Parental Leave levy. For up to 800,000 small and medium-sized companies it will provide a net boost to profitability.

Repealing the mining and carbon taxes

The Government is determined to deliver its election commitments to repeal the minerals resource rent tax (MRRT) and the carbon tax.

The MRRT is a failed tax which raises almost no revenue, yet imposes an unnecessary regulatory and compliance burden on the Australian mining industry.

Repealing the carbon tax will ease cost of living pressures on families, help small business and restore confidence in the economy.

Abolishing these taxes will improve Australia's international competitiveness and reduce tax on business.

Exploration Development Incentive

The Government is delivering its election commitment to introduce an Exploration Development Incentive to encourage investment in small exploration companies undertaking greenfields mineral exploration in Australia. Australian shareholders of these companies will receive a tax offset for the company's greenfields exploration.

*These include the offsetting reductions in company tax (through deductibility) and interactions with other taxes.