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Small business tax cut (company) passes the Senate

Small business tax cut (company) passes the Senate

The Tax Laws Amendment (Small Business Measures No 1) Bill 2015 passed the Senate on 15 June 2015.

For companies, the company tax rate will be reduced by 1.5% to 28.5% from the 2015/2016 income year. Maximum franking credit rates for a distribution will remain unchanged at 30%.

Note: The legislation does not address the tax rate reduction for unincorporated entities.

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