Mr. Josh Frydenberg, the Australian Treasurer has issued a joint release on the reduction of the corporate income tax rate for businesses with turnover of less than AUD 50 million. From July 1 2020, small and family businesses will be paying less tax as a result of legislated tax cuts passed by the Morrison Government.
As the 2020-2021 financial year begins, incorporated small and family businesses with a turnover of less than $50 million will see their company tax rate reduced from 27.5% to 26%. Unincorporated businesses will also benefit as the rate of the small business income tax offset increases from 8% to 13%.
