• Fast-tracking tax cuts for small and medium businesses

    November 2, 2018

    Fast-tracking tax cuts for small and medium businesses

    The Government has fast-tracked the already legislated tax cuts to small and medium businesses by bringing them forward five years.

    Companies with an aggregated turnover of less than $50 million will have a tax rate of 25% in the 2022 income year (instead of the 2027 income year based on the previously legislated timeline).

    Similarly, the increase in the tax discount to 16% for unincorporated entities will apply from the 2022 income year, rather than the 2027 income year.

    Editor: Small and medium businesses will appreciate the earlier access to the already legislated tax cuts.

  • Leave a Reply

    Your email address will not be published. Required fields are marked *