The Australian Government commits to building a better tax system for Australian businesses. The reforms deliver tax relief for more than 3 million small and medium businesses. 

The benefits for Australian SMEs include the following:

• Tax cuts for incorporated small and medium businesses, with turnover of less than $50 million per annum. These companies will move to a 25 per cent tax rate by 2021-22.

• Increasing the rate of the tax discount for unincorporated small businesses with turnover below $5 million (also known as the small business income tax offset).

• Extending the availability of the $20,000 instant asset write-off for small businesses to 30 June 2019.

• Increasing the small business entity turnover threshold from $2 million to $10 million per annum, which has extended access to a range of tax concessions.