From July 1 2020, small and family businesses will be paying less tax as a result of legislated tax cuts passed by the Morrison Government. As the 2020-2021 financial year begins, incorporated small and family businesses with a turnover of less than $50 million will see their company tax rate reduced from 27.5% to 26%. Unincorporated businesses will also benefit as the rate of the small business income tax offset increases from 8% to 13%. The changes mark the next stage of the Morrison Government’s accelerated small business tax cuts, legislated in October 2018, which brought forward tax relief for small and medium businesses by five years.
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