Sovereign Private – 2016 Federal Budget Report
CUTS TO COMPANY TAX RATES The company tax rate will be progressively reduced to 25% over 10 years. From 1 July 2016 (the 2016/17 income year), the company tax rate will be reduced from 28.5% to 27.5% for businesses with an aggregate annual turnover below $10m. The threshold to access the 27.5% tax rate will be progressively increased over the next 7 years, and the rate will decline thereafter until it reaches 25%. The table below summarises the path to 25%: Income year Annual aggregated turnover threshold Tax Rate 2016/17 < $10m 27.5% 2017/18 <$25m 27.5% 2018/19 <$50m 27.5% 2019/20 […]
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