Company tax cuts to benefit SMEs

The Federal Government has reached agreement with Senate cross-benchers to deliver lower company tax arrangements for small and medium-sized enterprises. The move will benefit around 3.2 million small and medium Australian businesses, employing over 6.5 million workers.

Following last week’s negotiations and Senate outcome, company tax will be reduced for more than three million small and medium-sized businesses across Australia. Companies with a turnover of less than $10 Million will receive a reduction in the company tax rate from 30 per cent to 27.5% in this financial year whilst the cut is extended to business with a turnover of less than $25 Million in 2017-18 and up to $50 Million in 2018-19.

 

 
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