Rates

Car Depreciation Limits Limit
2021 59,136
2020 57,581
2019 57,581
2018 57,581
2017 57,581
2016 57,466

 

Company Tax Rates Turnover BREs Rate BREs Rate Other
2022 & future years $50m 25.0% 30%
2021 $50m 26.0% 30%
2019 – 2020 incl $50m 27.5% 30%
2018 $25m 27.5% 30%
2017 $10m 27.5% 30%
2016 $2m 28.5% 30%
2002 – 2015 incl N/A 30%
2001 N/A 34%
2000 N/A 36%
  • From the 2017–18 income year, a company will be a base rate entity if –
    • 80% or less of their assessable income is base rate entity passive income (such as, interest, dividends or rent.  This replaces the requirement to be carrying on a business), and
    • they have an aggregated turnover below the $25 million turnover threshold (this increased to $50 million from 2018–19).
  • For the 2016–17 income year, the lower company tax rate decreased to 27.5%. Companies are eligible for this rate if they are a small business that both –
    • has a turnover less than $10 million, and
    • operates a business for all or part of the income year – see Draft Taxation Ruling TR 2017/D7 for what it means for a company to be ‘carrying on a business’.
  • From 1 July 2016, the maximum franking credit that can be allocated to a frankable distribution paid by a company will be based on the company’s applicable corporate tax rate.
  • For the 2016 year, reduced rate companies with a tax rate of 28.5%, can still pass on franking credits to their shareholders at a rate of 30%.
  • The above rates apply to the following companies –
    • Public Companies (except life companies)
    • Private Companies
    • Corporate Limited Partnerships
    • Strata Title Bodies
    • Trustees of Corporate Unit Trusts
    • Trustees of Public Trading Trusts

 

 

 

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