The Deputy Prime Minister announced on 14 March 2012 that the Government would legislate the previously made commitment to reduce the corporate tax rate from 30% to 29% from 1 July 2012 for small business companies and from 1 July 2013 for other companies. Small business company is a company with an annual turnover of less than AUD 2 million.
Together with the announcement, the Deputy Prime Minister released for comment draft legislation that will implement the measures.
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