Excellent news – the small business threshold for income tax has been increased to an aggregated turnover of $10 million for the 2017 income tax year (from $2 million previously).

The Bill has been passed.

It is projected that from 2024/25, the corporate tax rate will be progressively reduced as follows:

2016/17 $10m 27.5%
2017/18 $25m 27.5%
2018/19 $50m 27.5%
2019/20 $50m 27.5%
2020/21 $50m 27.5%
2021/22 $50m 27.5%
2022/23 $50m 27.5%
2023/24 $50m 27.5%
2024/25 $50m 27%
2025/26 $50m 26%
2026/27 $50m 25%

Source http://www.iknow.cch.com.au/