Sample Rates

Car Depreciation Limits Limit
2023 64,741
2022 60,733
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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