What's New for Small Business

Tax concession rules for small businesses have changed. The changes are effective from 1 July 2016, and will apply from your 2017 tax return. When we say 'turnover', we mean aggregated turnover. For the 2016–17 income year, the lower company tax rate decreased to 27.5%. Companies are eligible for this rate if they are a small business that: has a turnover less than $10 million, and operates a business for all or part of the income year. Read more here...