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In a joint media release issued on 12 December 2008, the Treasurer, Wayne Swan, and the Minister for Small Business, Independent Contractors and the Service Economy, announced that the Government will take further action to help Australian small businesses to weather the global financial crisis by cutting the quarterly pay-as-you-go (PAYG) instalment payable on 21 January 2009 or 28 February 2009 by 20%.

The 20% PAYG instalment reduction applies to "small business entities" as defined in the tax law. In general, a "small business entity" carries on a business and satisfies the $2 million aggregated turnover test.

For a copy of the joint media release, No 2008/140, go here.

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