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 th