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.
- 2018/19 Year-end Individual Tax Return Checklist
- ALP Key Tax Policies
- ATO warning regarding annual leave loading and OTE
- Fast-tracking tax cuts for small and medium businesses
- How financial advisors can build trust
- Instant asset write off to be increased to $25k
- Major changes to director penalty notices now effective
- New rules for immediate write-offs
- Onboarding your new employee
- Proposed expansion of STP to smaller employers
Copyright © 2020 Knight Public AccountantsRockhampton | Accountant | Tax | Xero | Audit
Made with Zakazukha