(Australian Associated Press)
THE KEY BUDGET MEASURES FOR BUSINESS TAX:
* Company tax rate for all businesses reduces from 30pct to 25pct over 10 years
* Businesses with turnover under $10m first to benefit, with tax rate dropped to 27.5pct in 2016/17
* Small business tax concessions, including instant asset deductions, extended to businesses with turnover up to $10m
* Tax discount for unincorporated businesses increased from 5pct to 8pct on July 1, then progressively increased to 16pct over 10 years
* Simpler GST administration for small businesses from July 2017
