Big tax cut that could affect you in the federal budget

Australians will hold their breath in preparation for the handing down of the 2016-2017 federal budget today. 

Expected to be announced is a reduced corporate tax rate for small businesses and start ups.

The company tax rate will be reduced from 30% to 28.5% for small business companies.

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Prime Minister Malcolm Turnbull at a mental health announcement at Parliament House in Canberra on Thursday, Nov. 26, 2015. (AAP Image/Mick Tsikas) NO ARCHIVING
Prime Minister Malcolm Turnbull at a mental health announcement at Parliament House in Canberra on Thursday, Nov. 26, 2015. (AAP Image/Mick Tsikas) NO ARCHIVING MICK TSIKAS

In this financial year the government will provide tax relief for small businesses that change their legal structure by way of a capital gains tax rollover.

In addition small businesses may claim an immediate deduction for most depreciating assets that cost less than $20,000.

More women will be encouraged to either re-enter the workforce or remain in the workforce through a $7 billion childcare package. Major public transport projects are expected to be announced for the southern states.

Also on the agenda will be a package of measures designed to address multinational tax avoidance.



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