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Small business tax measures – Small Business Measures No 1 Bill passes

On 15 June 2015 the Tax Laws Amendment (Small Business Measures No 1) Bill 2015 passed all stages in the Senate, without amendment, and now awaits the Royal Assent.

This Bill will amend the Income Tax Rates Act 1986 to reduce the company tax rate from 30% to 28.5% for companies that are small business entities with an aggregated turnover of less than $2 million.

A number of consequential amendments are made to various provisions in the Income Tax Assessment Act 1936 and the Income Tax Assessment Act 1997 that refer to a 30% rate to ensure that the appropriate rate is applied for small business companies.

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