Company Tax Cuts

The Australian Senate  has passed legislation to  reduce the corporate tax rate for all businesses with an aggregate turnover of less than $10 million dollars to 27.5% for the 2016-17 income year.

It is also proposed to progressively extend this lower rate to all corporate tax entities by the 2023-24 income year, and further reduce the corporate tax rate in stages so that by the 2026-27 income year, the corporate tax rate will be 25% for all entities.

For a detailed explanation of the legislation passed follow the link: Enterprise Tax Plan 2016

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