Tax and superannuation measures
Introduction
After much anticipation, Treasurer Scott Morrison today handed
down his first Federal Budget. The Budget unveiled several
significant tax changes that will impact businesses and individuals
across Australia, including superannuation reforms, a diverted
profits tax and a new tax and regulatory framework for collective
investment vehicles. The following is a summary of the highlights
of the principal business income tax and international tax measures
and some of the significant personal income tax measures contained
in the Federal Budget.
Business tax changes
Company tax cut
The Government intends to reduce the company tax rate to 25 per
cent over 10 years. Businesses with an annual aggregated turnover
of less than $10 million will be taxed at 27.5 per cent from the
2016-17 income year. All companies will be taxed at 27.5 per cent
in the 2023-24 income year and the company tax rate will then be
progressively
