As announced in the 2016-17 Federal Budget, the company tax rate will be progressively reduced to 25% over the next 10 years. However, the measure was amended by Parliament. The amended measure will apply as follows:
- 2016-17 financial year: 27.5% for small businesses with an aggregated turnover of less than $10 million;
- 2017-18 financial year: 27.5% for small businesses with an aggregated turnover of less than $25 million;
- 2018-19 financial year: 27.5% for small businesses with an aggregated turnover of less than $50 million.
22 June 2017
You don’t get $20,000 back on tax as a refund
The instant asset write-off is a tax deduction that reduces the amount of tax your …
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