Company Tax Rate
Government confirmed its commitment to cut the
company tax rate by 1.50% to 28.50% from 1 July 2015.
For large companies (taxable income > $5m) the
reduction will be offset by the Govts 1.50% paid parental
levy which will effectively bring the company tax rate back
SME Instant Asset Write Off
The bill which included the proposed reduction in the
upfront asset write off was defeated in the Senate on 25
The $6,500 write off therefore still stands despite the
Governments intention to scale it back to $1,000 from 1
Budget Paper was silent on this matter.
R & D Tax Offset Rates
Currently the following R&D Tax Concessions are
45% refundable tax offset for eligible entities with an
aggregated turnover of less than $20m provided they are
not controlled by an income tax exempt entity.
40% non-refundable tax offset for all other entities.
Rates of the above refundable and non-refundable
offsets will be reduced by 1.5 percentage points to
43.50% and 38.50% respectively.
Reduction in rates to apply from 1 July 2014.