Two small business tax Bills receive assent

The Tax Laws Amendment (Small Business Measures No 1) Bill 2015 has received assent as Act No 66 of 2015. The new Act reduces the company tax rate from 30 per cent to 28.5 per cent for companies that are small business entities with an aggregated turnover of less than $2 million from the 2015-16 income year.

The corporate tax rate for companies that have an aggregated turnover of $2 million or more remains at 30 per cent.