What a day

This is where I'll leave you all after an extended sitting week.

The Government now has the numbers to pass its (amended) company tax cuts - it's just a matter of time to get the final vote done and dusted.

As I just you, the amended legislation will lower the company tax rate from 30 to 25 per cent for businesses with an annual turnover of up to $50 million.

The Government had wanted a flat company tax rate for all businesses over the next decade, but were forced to negotiate with the crossbench during an extended sitting week to get the measures through the Senate.

Finance Minister Mathias Cormann a short time ago detailed what the Nick Xenophon Team has received in exchange for their support, including:

A review of power affordability and security

A review of power affordability and security A review of gas retention policies

A review of gas retention policies An investigation into a potential gas pipeline from the Northern Territory

An investigation into a potential gas pipeline from the Northern Territory One-off payments for people receiving the aged pension, disability pension or parenting payment

One-off payments for people receiving the aged pension, disability pension or parenting payment The acceleration of the creation of a solar thermal plant in Port Augusta, with a Commonwealth concession loan of up to $110 million

The measures will pass the Senate before returning to the lower house, which has been adjourned until Budget Day on May 9.



And, as Treasurer Scott Morrison told us earlier, the legislation doesn’t have to pass the House of Representatives straight away as long as the Australian Tax Office (ATO) is notified of the new arrangement.



My colleagues will be keeping across the debate as it continues in the Senate - you can keep up to date as they update our main story here

I'll be back with you all on Budget Day - until then, you can chat with me on Twitter at @stephanieando or message me on Facebook

Have a good autumn break!