Business Tax Rate Falls To 26 Percent
The first of July saw the company tax rate for small and family businesses dropping from 27.5% to 26%.
The reduction for businesses with turnover of less than $50 million will drop again in 2021 down to 25%.
The change will have knock on effects such as the impact on the maximum franking rate which applies to dividends paid by some companies.
In addition the rate of the small business income tax offset for unincorporated businesses will increase from 8% to 13%.
As always be sure to seek advice on any of the recent changes from your accountant. And if you’re looking for local expertise in this area be sure to check out the member section of the BNCC website, including our major partners at Northern Business Consultants.
More Recent News
-
2025 Asia Pacific Cities Summit & Mayors’ Forum
Connect with global decision-makers and access international markets at the 2025 Asia Pacific Cities Summit and Mayors’ Forum in Dubai—Brisbane City Council’s premier event for business growth and strategic partnerships. Read More -
Changes for businesses from 1 July 2025
There will be changes to the National Minimum Wage, registration fees, superannuation, energy bill rebates and reporting obligations for business owners from 1 July 2025. Read More -
ATO Masterclass
The Australian Taxation Office (ATO) offer a suite of Masterclasses designed to strengthen your small business knowledge. Read More
-Blue-and-Orange.png)
