As announced, in the 2016-17 Federal Budget the company tax rate will be progressively reduced to 25% over the next 10 years. Correspondingly, the annual aggregated turnover threshold that will allow companies to qualify for the lower rate will rise over the next 10 years.

The changes to the company tax rate and turnover threshold are contained in the table below:

Income Year	Rate	Annual aggregated turnover threshold
2015-16	28.5%	$2 million
2016-17	27.5%	$10 million
2017-18	27.5%	$25 million
2018-19	27.5%	$50 million
2019-20	27.5%	$100 million
2020-21	27.5%	$250 million
2021-22	27.5%	$500 million
2022-23	27.5%	$1 billion
2023-24	27.5%	No limit
2024-25	27%	No limit
2025-26	26%	No limit
2026-27	25%	No limit

The company tax rate remains at 30% for all companies unless they qualify for the reduced rate up until 2023-24 when all companies qualify for the lower rate.