Find out information on current government changes for small businesses and companies.
Small Businesses
- The Small business entity turnover threshold increased from $2 Million to $10 Million on the 1st of July 2016 for the purpose of accessing certain existing income tax concessions. The increased threshold will not apply for the small business capital gains tax concessions.
- The unincorporated small business tax discount will be increased over the next 10 years. It was increased on the 1st July 2016 from 5% to 8% and will be increasing to 16% until 2026. Currently the maximum reduction is capped at $1,000.
Companies
- The small business company tax rate has been reduced to 28.5%, and the intent is that it will be reduced to 25% over the next 10 years.