Australian Business

Building a better tax system for Australian businesses

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.

For more information on how the Government is building a better tax system, go to the Better Tax Website.

 

Original article appeared first at Business.gov.au >

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