The Australian government has reportedly reached a compromise with the Senate on its planned reductions in the corporate tax rate. As originally proposed, the government sought a reduction in the tax rate to 27.5% for the current year for companies with annual revenue below AUD 10 million, followed by a year-on-year increase in the revenue threshold for the reduced rate so that it would become the standard rate for all companies in 2023-24. The standard rate would then be further reduced to 2…