Building a better tax system for Australian businesses
Find out how the tax reform benefits your business.
The Australian Government is building a better tax system for Australian businesses. The reforms deliver tax relief for more than 3 million small and medium businesses.
You may have seen recent advertisements about building a better tax system for Australians, designed to work better for you, for business and for Australia as a whole.
What are the benefits for my business?
The benefits for Australian businesses include:
- tax cuts for incorporated small and medium businesses, with turnover of less than $50 million per annum. These companies will move to a 25 per cent tax rate by 2021-22
- increasing the rate of the tax discount for unincorporated small businesses with turnover below $5 million (also known as the small business income tax offset)
- extending the availability of the $20,000 instant asset write-off for small businesses to 30 June 2019
- increasing the small business entity turnover threshold from $2 million to $10 million per annum, which has extended access to a range of tax concessions.