Small business initiatives in the Federal Budget
Posted: May 11, 2016 at 8:55 pm
The Federal Government announced many small business initiatives in last week’s Federal Budget.
The small business company tax rate will be reduced to 27.5% and will be available to all small companies with an annual turnover of less than $10 million from 1 July 2016. The government plans to progressively reduce the tax rate to 25% by 1 July 2026.
The unincorporated tax discount will be increased from 5% to 8% from 1 July 2016. After the initial increase, the discount will be progressively increased to a final discount rate of 16% from 1 July 2026.
The unincorporated tax discount will be limited to small businesses with turnover of less than $5 million and remains capped at $1,000 per individual per year.
The Government has also announced that it will implement changes to simplify BAS reporting requirements from 1 July 2017. A trial of the new simpler reporting arrangements will commence on 1 July 2016.
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