The measures passed through the Senate mean 3.2 million Australian businesses will pay less tax. These businesses employ 6.5 million Australians.
- Small businesses make up 97 per cent of all businesses.
- The Turnbull Government has delivered another key element in our National Economic Plan for Jobs and Growth, which supports 3.2 million small and medium businesses.
- From this financial year, companies with turnovers of up to $10 million will see their tax rate fall to 27.5 per cent while companies with turnovers of up to $50 million will pay that same lower rate from the 2018-19 financial year.
- Under these reforms, small businesses with turnovers of up to $10 million will also receive access to tax concessions including immediate deductibility for assets costing less than $20,000 acquired before 30 June 2017 and other tax simplification provisions.
- The unincorporated small business tax discount will also be available from this financial year for businesses with turnovers of less than $5 million, up from current $2 million threshold and will be increased to 8 per cent.