President Trump seeking 15% corporate tax rate - we're at 30% and Bill Shorten's having kittens
Tuesday, 25 April 2017
Trump is said to seek cutting the corporate tax rate to 15% https://t.co/gEWZ0xtuDH
— The New York Times (@nytimes) April 25, 2017
The LNP's plan for company tax is:
- Cut the small business company tax rate to 27.5 per cent for small businesses with a turnover less than $10 million.
- Increase the unincorporated tax discount from 5 per cent to 8 per cent, capped at $1,000 for small businesses with a turnover less than $5 million.
- Extend access to the instant asset write off so that small businesses with a turnover less than $10 million can instantly deduct each and every asset under $20,000.
- Make life easier by simplifying Business Activity Statements (BAS), reducing reporting labels from seven to three.
The company tax rate will be progressively lowered to 25 per cent by 2026-27 for all companies.