In this issue of Tax Talk, we cover:
Company Tax Cut from 1 July 2015, a new two-tier company tax system took effect and applies to all companies. Small Business entities with aggregated turnover below a $2 million threshold will only pay a 28.5% Tax rate, all other companies remain at 30%.
Also for other entities engaged in small business a capped 5% tax discount, designed to broadly mirror the small business company tax cut, was also introduced for from the 2016 income year. It will be delivered to individual taxpayers in receipt of small business entity income via the ‘small business income tax offset’.
SuperStream is happening! Employers with 19 or fewer employees need to be using SuperStream no later than 30 June 2016. Employers with 20 or more employees were expected to be using SuperStream no later than 31 October 2015.