Australia Budget 2017-18 Delivered Including Reduced Tax Rates for Small Businesses, Measures Targeting Tax Avoidance, and Others

On 9 May 2017, Australian Treasurer Scott Morrison delivered the country's Budget 2017-18. Main tax related measures of the Budget are summarized as follows.

Small Business Measures

• Increasing the small business entity turnover threshold from AUD 2 million to AUD 10 million per annum from 1 July 2016, with the current AUD 2 million annual turnover threshold retained for access to the small business capital gains tax concessions, and access to the unincorporated small business tax discount …