Yesterday the Turnbull government delivered its first Federal Budget with highlights on jobs, growth and superannuation reforms. Business Company tax rate decrease The company tax rate will be reduced to 25% over 10 years. The reduction will initially target companies with a turnover of less than $10 million (previously $2 million), then gradually increase to companies with turnover less than $1 billion in the 2023 financial year. All companies will see their tax rate plateau at 25% in the 2027