Turning over the calendar to July 1 today brings in a raft of changes for small and medium businesses. The long-awaited company tax cut finally comes into effect but there’s also a range of other tax and legal changes you need to be aware of.

The 1.5% company tax cut for incorporated small businesses announced in this year’s budget comes into effect today.

Theo Sakell, tax partner at Pitcher Partners, told SmartCompany this is “the big one” and applies to profits from today. If you have trading stock for your business, Sakell recommends revaluing this stock to see whether your stock on hand for tax purposes as at 30 June 2015 is lower, as some stock might have dropped in cost.

“If you revalue it and then sell it for more then you make that profit in 2016,” he says. Sakell also warns the company tax cut is limited to those businesses with turnover of less than $2 million.

“The $2 million limit is aggregated, so if you have multiple businesses you have to look at that,” he says. Maree Caulfield, tax director at MGI, says you should start factoring in the tax cut now.

“When you get to the end of each quarter it’s worth thinking whether you are putting away an appropriate amount for PAYG,” she says.

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