On 3 May 2016, Australian Treasurer Scott Morrison delivered the country's 2016-17 Budget. The main tax-related measures concern reducing the corporate tax rate over the next ten years, supporting smaller businesses, and strengthening efforts against tax avoidance.
Reduced Corporate Tax Rates
The corporate tax rate will be reduced to 27.5% for businesses with annual revenue less than AUD 10 million from 1 July 2016. In addition, the Budget includes that the revenue threshold for the reduce…