​The small business company tax rate has been reduced from 30% to 28.5% for income years commencing on, or after, 1 July 2015. This lower rate also applies to small businesses that are corporate unit trusts and public trading trusts.

The corporate tax rate will remain at 30% for all other companies that are not small business entities.

On 15 October 2015 a bill passed both houses of Parliament and is now awaiting Royal Assent. The amended bill exempts Australian-owned private companies from requiring us to publish their income tax information.

The exemption is only available to companies that satisfy all of the following conditions. The company must:

• be an Australian resident private company
• not be the wholly-owned subsidiary of a foreign corporate group
• not have a level of foreign shareholding greater than 50 per cent.

​We have written to exempt companies indicating that we anticipate their tax information will not be published publicly. We will provide certainty once the bill receives Royal Assent.

From 1 July 2015, small businesses can immediately deduct certain capital expenses associated with starting up a business.

Expenses are now fully deductible in the year in which the expenditure is incurred (this was previously over five years) if it was:

• incurred in obtaining advice or services relating to the proposed structure or operation of the business (for example, advice from a lawyer or accountant)
• a payment to an Australian government agency of a fee, tax or charge incurred in relation to setting up the business.

Keeping your business information safe is crucial to protecting your business. With an ever-increasing amount of information being stored online it’s important you take precautions.

By stealing information thieves can use your business identity to create fake businesses, lodge fraudulent GST claims, take out loans, and commit other types of fraud in your name.

To help you protect your information, Stay Smart Online has published the Small business guide. 

​Click here for further information

Super guarantee payment for the September quarter is due by 28 October 2015.

​Super contributions are counted as paid when the super fund receives it, so it is best to make the payment before the due date to allow time for it to reach the super fund (especially if you are using a commercial clearing house).

Employers must pay a minimum of 9.5% (current rate) of each eligible employee’s ordinary time earnings to a complying super fund or retirement savings account.

See also

When to pay super
​


Last modified: 01 Oct 2015.

From early October, the ATO began contacting employers in 22 specified industry groups with tailored support to help them understand and start using SuperStream.

Some of the approaches the ATO will use include emails and text messages to selected employers; dedicated, online information sessions for each industry and articles in industry-specific publications. We are also encouraging super funds and payroll software companies to assist employers in these industries.

If you receive an invitation to attend an online information session, we encourage you to attend. 

See our SuperStream - industry segment information to view our industry engagement schedule. The information sessions are open to any interested employers.

We have also updated our employer checklist: a step-by-step guide to preparing for SuperStream to make it easier for employers to see what they need to do and choose a solution that best suits them.


Last modified: 02 Oct 2015