There's no doubt it's been a tough few months for businesses across the country, with the full extent of the economic impact of COVID-19 yet to be felt.
Check out the below tax updates and grants information to ensure your business is taking full advantage of what's on offer this new financial year to help drive your growth and long-term strategy.
As of 1 July 2020, Australian businesses earning less than $50 million will see their company tax rate reduced from 27.5% to 26%. The rate for businesses with more than $50 million in annual turnover remains at 30%.
This marks the next stage of the Federal Government’s accelerated small business tax cuts which were legislated in October 2018. Along with the 2020-2021 tax cuts, businesses with a turnover of less than $50 million will have their tax rate reduced to 25% by 2021-2022 – five years earlier than originally planned.
The Minister for Employment, Skills, Small and Family Business, Senator Michaelia Cash said of the tax cuts: "As we face the biggest economic challenge since the Great Depression, supporting our small and family businesses has never been more important.
"This tax relief will mean small business owners will have more money to reinvest in their businesses, their staff and their communities."
Visit the Australian Taxation Office’s website for more information.