The ATO marginal tax rates for Australian Resident Individuals have changed for the financial year ending 30 June 2021 (FY21) - read the full ATO update here.  We keep an eye on these as they do impact our end-of-year tax planning in relation to trust distributions and the preparation of the necessary minutes (prior to the end of the financial year).

The company tax rate for FY21 has also changed as follows:

• - General company tax rate = 30%
• - Base entity tax rate = 26% (down from 27.5%) for those entities that meet the small active entity rule, which has replaced the small business tax rate. Read more about the base rate entity tax requirements here on the ATO website.
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Disclaimer: This information is general in nature. So, before acting on this or any other information, it is important to seek professional advice related directly to you and your circumstances.  Should you require our assistance, contact your Primarius Team leader, or email us at info@primarius.net.au