Company and small business tax cuts and other matters
04 April 2017
Following negotiations with Senator Nick Xenophon, the Federal Government has succeeded in securing the passage for some parts of its Enterprise Tax Plan.
While the media has focused on the tax cuts for small and medium companies and businesses, the legislation also contains amendments to dividend imputation and the much awaited small business threshold provisions. These amendments appear to have been accepted by the Senate as part of the arrangements with Senator Xenophon.
Although it is disappointing the full package of company tax cuts did not clear Parliament in this tranche of legislation, it is positive that there is some welcome and immediate relief for small businesses.
BDO has prepared a Tax Update which details the tax cuts that are expected to pass through Parliament.