New law for tax concessions

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Small business changes announced in the 2015-16 budget are now law. The following changes apply from 1 July 2016:

·         27.5% company tax rate for small businesses. The maximum franking credit that you can allocate to a frankable distribution is also 27.5%. If you have lodged early, see below for more information.

·         8% small business income tax offset (up to $1,000) limited to businesses with a turnover of less than $5 million." data-share-imageurl="">

Small business changes announced in the 2015-16 budget are now law. The following changes apply from 1 July 2016:

·         27.5% company tax rate for small businesses. The maximum franking credit that you can allocate to a frankable distribution is also 27.5%. If you have lodged early, see below for more information.

·         8% small business income tax offset (up to $1,000) limited to businesses with a turnover of less than $5 million. It applies only to business income for sole traders, or share of business income for partnerships or trusts.

·         $10 million small business turnover threshold (previously $2 million). This means more businesses can access a range of small business concessions, including the $20,000 instant asset write-off and reduced company tax rate.

Tax concessions help your business save, so make sure you find out what you can access.

 

Remember, Tax Block Accountants can help you with tax and super advice. Contact us @ 0423 288 166 or visit our website www.taxblock.com.au

Share it now!
Small business changes announced in the 2015-16 budget are now law. The following changes apply from 1 July 2016:

·         27.5% company tax rate for small businesses. The maximum franking credit that you can allocate to a frankable distribution is also 27.5%. If you have lodged early, see below for more information.

·         8% small business income tax offset (up to $1,000) limited to businesses with a turnover of less than $5 million." data-share-imageurl="">