The Government has fast-tracked the already legislated tax cuts to small and medium businesses by bringing them forward 5 years.
Companies with an aggregated turnover of less than 50million will have a tax rate of 25% in the 2022 income year ( instead of the 2027 income year based on the previously legislated timeline.
Similarly, the increase in the tax discount to 1% for unincorporated entities will apply from the 2022 income year, rather 2027 income year.
Editor: Small and medium businesses will appreciate the earlier access to the already legislated tax cuts.
Read more: – Practice Update November 2018.pdf
