Small Business tax changes passed

Just the headlines please Ken…

The company tax rate for corporate entities with turnover less than $10 million in the 2016/17 year will be 27.5%.

The company tax rate for corporate entities with turnover less than $25 million in the 2017/18 year will be 27.5%.

The company tax rate for corporate entities with turnover less than $50 million in the 2018/19 year will be 27.5%.

The small business turnover test will increase to $10,000,000 from 1 July 2016!!!!! Therefore in the 2016/17 year businesses with a turnover between $2-10m will be able to use small business concessions they have never used before… like the $20k instant asset write-off that ends on 30 June 2017!

The unincorporated small business tax offset increases from 5% to 8% but as it is capped at $1,000 this will make almost no difference.

 

 

Still working out how the franking rules have changed…

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About Ken Mansell

As a stay at home Dad most of the week this is my way of pretending I am still the tax counsel of ASX and SEC listed companies, working at big 4 firms, working at the Federal Treasury, on the Henry Review and at Parliament House for the previous government.
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