Labor defends business tax cut plan

LABOR AND BUSINESS TAX:

* Labor says in government it will wind back the tax cut which applies to businesses with turnovers of between $10 million and $50 million

* There are also discussions in the party about the future of the $2 million to $10 million bracket

* Labor argues its policy will still deliver a tax cut for the vast majority of businesses, but not the top end of town, and put $20 billion back into the budget

* The number of Australian businesses with turnovers under $2 million is 856,528 (91 per cent of all companies)

* Those with turnovers between $2-$10 million number 64,395 (6.8 per cent of the total)

* This leaves 20,243 companies with turnovers above $10 million (2.2 per cent of all companies)