Whilst no changes were announced in the Budget in addition to the existing changes for businesses with a turnover of less than $10m, the Treasurer confirmed the Government's commitment to its 10-year Enterprise Tax Plan to eventually reduce the company tax rate to 25% for all companies.
It is a relief to note that no new major superannuation measures were contained within the Budget. Given the announced changes set to start on 1 July 2017 (refer below), this is not a surprise, however, given the tinkering with Superannuation in recent years nothing should be unexpected.
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Following a recent high court decision, the Australian Tax Office (ATO) has made changes to the rules around the residency test for foreign incorporated companies.