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Australia: Proposals for company tax rate cuts

Australia: Proposals for company tax rate cuts

The prime minister announced that the government will be fast-tracking the tax rate reduction for companies with a turnover of less than $50 million.*

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*$ = Australian dollar

The prime minister’s announcement was made after the company tax rate was legislated on 31 August 2018 to be reduced from 30% to 27.5% by 2018-19 and from 27.5% to 25% by 2026-27.

If the new proposal passes through Parliament, companies with a turnover of less than $50 million could expect to realise the additional tax cuts up to five years earlier.

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