-
Fast-tracking tax cuts for small and medium businesses
November 2, 2018Fast-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.
Recent posts
- 2018/19 Year-end Individual Tax Return Checklist
- 2020/2021 Federal Budget
- ALP Key Tax Policies
- ATO warning regarding annual leave loading and OTE
- Australian Cattle Herd Numbers Fall to Lowest Level in Over 20 Years
- Beware of Scams
- COVID 19 – Federal Government Support
- Deferred repayments. Is accrued interest on deferred loans tax deductible?
- Fast-tracking tax cuts for small and medium businesses
- Financial Budgeting for Success
Copyright © 2022 Knight Public AccountantsRockhampton | Accountant | Tax | Xero | Audit
Made with Zakazukha