ATO cuts company Tax Rate

By August 26, 2016Uncategorized

For your clients’ 2016 income tax return, the small business company tax rate reduced from 30% to 28.5%.

This lower rate also applies to small businesses that are corporate unit trusts and public trading trusts.

When completing your clients’ 2016 company tax returns, use the new rate of 28.5% on their calculation statements at label T1 – Tax on taxable or net income.

The franking credit cap remains unchanged at 30%, even if your clients are eligible for the reduced company tax rate of 28.5%

Leave a Reply