1 March 2016
The company tax rate for small businesses has reduced to 28.5% for income years starting on or after 1 July 2015. This rate applies to companies, corporate unit trusts and public trading trusts with a total annual turnover of less than $2 million.
What you need to do if lodging your 2016 company tax return early
In the ‘Calculation statement’ use the new rate of 28.5% for the ‘Tax on taxable or net income’ (T1).
Does your company pay franked distributions?
The franking credit cap remains unchanged at 30% (even if you are eligible for the reduced company tax rate of 28.5%).
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From June 2016, some lodgments will no longer be accepted this way.
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