Federal Budget 2017: Changes for Small Business
Small business changes:
The $20,000 instant write-off will continue for another year for small business, to 30 June 2018;
Company tax rate to be phased-down from 27.5% to 25.0% over a period of 10 years.
Many other countries against whom Australia competes for business and companies already lower rates of company tax that what Australia is expected to have 10 years from now, and at 25% Australia is likely to be way over the top of many more countries once the decade is over. If Australia does not overtly and catastrophically lose a lot of business overseas then certainly we will not have the growth and opportunity that we could have. This will be an opportunity lost, unless and until we have politicians who have the guts to sell and explain the benefits of lower company taxation to voting Australians, and we ‘deserve’ what we vote for.