Increase in Small Business turnover threshold
The small business turnover threshold is planned to be increased from $2m to $10m from 1/7/16. This opens up small business concessions to more businesses. Concessions include a lower tax rate, simplified depreciation and the ability to immediately deduct equipment purchases made before 30/6/17 under $20,000. Importantly however it does not apply to the valuable small business CGT concessions for which eligibility remains at $2m turnover.
Cut to Small Business Tax Rate
The tax rate for incorporated small businesses will drop from 28.5% to 27.5% from 1/7/16. To pass on a similar benefit to unincorporated businesses, the small business tax discount introduced in the last budget will be increased to 8% of tax payable up to $1,000 per person. An example of how this would work is if you received a trust distribution from your small business of $30,000 and say this was taxed at your 32.5% individual tax rate, you would receive a tax discount $780.
While the corporate tax cut applies to businesses with turnover under $10m, the unincorporated business tax discount only applies to businesses with turnover under $5m.税率的减免适用于营业额小于1000万澳元的公司形式的经营体和营业额小于500万澳元的非公司形式的经营体（信托，个人经营和合伙企业等）