Company tax cuts sooner

Small to medium companies will have tax cuts passed by the Parliament earlier this year brought forward by 5 years, under a bill passed by the Parliament.

Oct 26, 2018

Companies with an annual turnover up to $50 million will have their current tax rate of 27.5 per cent reduced to 26 per cent in 2020-21 and then 25 per cent in 2021-22 and following years.

Introducing the Treasury Laws Amendment (Lower Taxes for Small and Medium Businesses) Bill 2018 in the House of Representatives, the Treasurer, the Hon Josh Frydenberg MP said, ‘This bill will continue our work of delivering a stronger economy and supporting the more than three million small and medium businesses employing around seven million Australian workers.’