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The 2016 28.5% SBE corporate rate is proposed to be reduced to 27.5% for the 2017 income year (for corporate tax entities with an aggregated turnover of less than $10 Million).

This turnover threshold will then be progressively increased to ultimately have all companies eligible for the 27.5% tax rate in 2023/24. The progressive increase in the annual aggregated turnover thresholds for companies eligible for the 27.5% tax rate will be as follows:

- 25.0 million in the 2017/18 income year;

- 50.0 million in the 2018/19 income year;

- 100.0 million in the 2019/20 income year;

-250.0 million in the 2020/21 income year;

-500.0 million in the 2020/2021 income year;

-1 billion in the 2022/23 income year; and

- All corporate entities in the 2023/23 income year.

In the 2024 income year, the company tax rate will be reduced to 27% and then 26% in 2025/26, until it reaches 25% in the 2026/27 income year.

In addition, from 2017 it is proposed that the maximum franking credit that can be attached to a fully franked dividend should reflect the maximum corporate tax rate applicable to each particular entity. This differs from 2016 SBE corporate tax cut to 28.5%, which continued to allow SBE corporate entities to frank up to the full 30% corporate tax rate, where of course, franking credits were available.

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