Flagpost is a blog on current issues of interest to members of the Australian Parliament
The Treasury Laws Amendment (Lower Taxes for Small and Medium Businesses) Bill 2018 (the new Bill) was introduced into the House of Representatives on 16 October 2018. The new Bill seeks to implement the Government’s announcement of 11 October 2018 that it would bring forward by five years the implementation of tax cuts for small and medium sized incorporated businesses with annual turnover of less than $50 million per annum. The changes would mean that small and medium businesses will face a corporate tax rate of 25 per cent from 1 July 2021, rather than 1 July 2026.
House of Representatives