R&D and other incentives
The Budget has announced it will cut the corporate tax rate by 1.5 per cent for small businesses with an annual turnover less than $2 million.
For small business, this will also incur additional R&D benefit, where the permanent tax benefit will increase from 15 to 16.5 per cent. Small businesses will still be able to cash
out the 45 per cent refundable tax offset, where there are existing sufficient tax losses.
The increased R&D benefit aligns with recent government policy to shift innovation funding away from large companies to small businesses. The refundable offset is especially attractive to start-ups in pre-revenue phase as they can continue to cash out R&D spend instead of building up their tax losses.
Other incentives The Government has permitted grant programs to continue supporting manufacturing transition and commercialisation, however some programs
may receive reductions in total funding. Funding of $6.1 million has been allocated to
expand the operation of the Climate Change Authority for another two years, including an
additional $100 million to the Great Barrier Reef Trust. Farmers who have been battling drought and require help with managing pests will receive $25.8 million in funding.
Susan Flux, Brisbane
Since that time I known Tony and his team at Lee and Lee, they have provided me with outstanding advice and services regarding my personal, family and especially my SMSF borrowing setup for wealth creation and tax reduction strategies that have since led to financial independence.
I now very clear and feel confident on my future financial goals and taxation strategies and know they can be achieved with Tony's expert and professional help.
Shukri Barbara, Property Tax Specialists Sydney
Tony has impressed me with his technical knowledge and execution. He works with honesty and integrity and is generous in his dealings.
John Mu, Internet Marketing Strategist Gold Coast
Tony has the strategies which are helping me legally minimise tax. He has helped me in my personal development and wealth creation to build a multimillion dollar property portfolio.
If you want a hands-on accountant who knows his stuff...Tony Lee is the man!