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Tax cuts for small business as big end of town waits

Nearly one million small and medium-size businesses will be handed a tax cut from 1 July, but big business will have to be satisfied with a promise to reduce the corporate rate over time from 30 to 25 per cent.

Tax cuts for small business as big end of town waits
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  • Shared by The Australian and Accountancy Age
  • May 03, 2016
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In tonight’s budget, Scott Morrison will cut the company tax rate for small firms from 28.5 per cent to 27.5 per cent and make the surprise move to lift the eligibility threshold from $2 million in turnover to $5 million. The company tax changes will set up a political fight with Labor, which believes a lower company tax rate is a good aspiration but has prioritised increased health and education spending.

Read the full story at The Australian.

 

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