As you may already be aware, the federal budget for 2016 has been announced.
Here are some excerpts from the budget that may directly affect your tax situation. This information can be found in more detail at www.nortonrosefullbright.com
Company tax cut
The Government intends to reduce the company tax rate to 25 per cent over 10 years. Businesses with an annual aggregated turnover of less than $10 million will be taxed at 27.5 per cent from the 2016-17 income year. All companies will be taxed at 27.5 per cent in the 2023-24 income year and the company tax rate will then be progressively lowered until it reaches 25 per cent in the 2026-27 income year.