Blog Post
Earlier in 2017, the Government introduced legislation to cut all company tax rates progressively from 30% to 25%, over the next decade. They did not get the full suite of tax cuts through the Senate but the Parliament did pass amended legislation providing tax cuts for smaller companies conducting a business. Unfortunately, there was a glitch in how eligible companies were determined. The Government has now introduced amending legislation to the Parliament to fix that glitch but there may be problems remaining. Under the current law, companies that operate a business have their tax rate cut to 27.5% where: Aggregated…