On 14 March 2012 the Deputy Prime Minister announced that the Government would amend the Income Tax Rates Act 1986 to legislate the commitment previously made to cut the corporate tax rate from 30 per cent to 29 per cent for the 2013-14 income year and for subsequent income years.
For small business companies, the 29 per cent rate will apply from the 2012-2013 income year. This will assist up to 720,000 small business companies by allowing them to reinvest more of their profits to grow their business.
