Last night’s Federal Budget vowed to cut company taxes: for small-and-medium enterprises (SMEs) first followed by all corporations within a decade.
Specifically, last year’s company tax cut from 30% to 28.5% for small businesses with turnover of $2 million or less will be extended to SMEs with turnover of $10 million. Their tax rate will also be lowered further from 28.5% to 27.5% from 1 July 2016.
