Patane Accounting Pty Ltd is a CPA Practice

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ATO news


Reduced small business company tax rates for lodged returns

The ATO has advised that companies with a turnover of less than $2 million who have lodged their 2016-17 company tax return early, will have their returns amended by the ATO to apply the lower 27.5 per cent company tax rate.

Companies with a turnover from $2 million to less than $10 million who have lodged their return will need to review it and lodge an amendment if required.

For the 2016-17 income year, the company tax rate for small businesses decreases to 27.5 per cent. Companies with an aggregated turnover of less than $10 million are eligible for this rate.

For more information on ‘What’s new for small business’ you can visit the ATO website or contact our office on 97211 055.



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