The Australian Small Business and Family Enterprise Ombudsman, Kate Carnell, said, the majority of Australian small businesses – 83.7% with a taxable income of under $100,000 – will benefit from the first tranche of the recently legislated income tax cut package.
“From 1 July, anyone earning between $19,000 and $90,000 will receive a personal tax cut,” said Carnell.
“This means the owners of 1.3 million unincorporated businesses will directly benefit from this new legislation, because they don’t pay company tax.
“This is a very welcome big deal for the majority of small business owners in Australia.”
She said, “Around 80% of unincorporated small business owners in Australia – self-employed people – earn below $25,000 and up to $90,000. They don’t pay company tax so a reduction in personal income tax makes a difference.”