Treasury Laws Amendment (Enterprise Tax Plan) Bill 2016

Type
Government
Portfolio
Treasury
Originating house
House of Representatives
Status
Act
Parliament no
45

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Summary

Amends the: Income Tax Rates Act 1986 to: reduce the corporate tax rate for small businesses with an aggregated turnover of less than $10 million to 27.5 per cent for the 2016-17 financial year and progressively extend that lower rate to all corporate tax entities by the 2023-24 financial year; and further reduce the corporate tax rate in stages so that by the 2026 27 financial year, the corporate tax rate for all entities will be 25 per cent; Income Tax Assessment Act 1997 to: increase the small business income tax offset to 16 per cent of an eligible individual’s basic income tax liability that relates to their total net small business income from the 2026-27 financial year; and enable small businesses with an aggregated turnover of less than $10 million to access most small business tax concessions, and small businesses with an aggregated turnover of less than $5 million to access the small business income tax offset; and Income Tax Assessment Act 1936 and Income Tax Assessment Act 1997 to make consequential amendments.

Progress

House of Representatives
Introduced and read a first time 01 Sep 2016
Second reading moved 01 Sep 2016
Second reading debate 09 Feb 2017
Second reading debate 02 Mar 2017
Second reading debate 22 Mar 2017
Second reading debate 23 Mar 2017
Second reading debate 27 Mar 2017
Second reading agreed to 27 Mar 2017
Third reading agreed to 27 Mar 2017
Senate
Introduced and read a first time 27 Mar 2017
Second reading moved 27 Mar 2017
Second reading debate 29 Mar 2017
Second reading debate 31 Mar 2017
Second reading agreed to 31 Mar 2017
Committee of the Whole debate
  • Amendment details: 6 Government agreed to
31 Mar 2017
Third reading agreed to 31 Mar 2017
House of Representatives
Consideration of Senate message
  • Details: House agreed to Senate amendments
09 May 2017
Finally passed both Houses 09 May 2017
Assent
  • Act no: 41
  • Year: 2017
19 May 2017

Documents and transcripts

Text of bill

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Explanatory memoranda

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Proposed amendments

Senate

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Schedules of amendments

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Bills digest

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Notes

Helpful information

Text of bill

  • First reading: Text of the bill as introduced into the Parliament
  • Third reading: Prepared if the bill is amended by the house in which it was introduced. This version of the bill is then considered by the second house.
  • As passed by both houses: Final text of bill agreed to by both the House of Representatives and the Senate which is presented to the Governor-General for assent.

Explanatory memoranda

  • Explanatory memorandum: Accompanies and provides an explanation of the content of the introduced version (first reading) of the bill.
  • Supplementary explanatory memorandum: Accompanies and explains amendments proposed by the government to the bill.
  • Revised explanatory memorandum: Accompanies and explains the amended version (third reading) of the bill. It supersedes the explanatory memorandum.

Proposed amendments

Circulated by members and senators when they propose to make changes to the bill. For details about the outcome of proposed amendments please refer to either the Votes and Proceedings (House of Representatives) or the Journals (Senate).

Schedules of amendments

Schedules of amendments list amendments agreed to by the second house are communicated to the first house for consideration. Subsequent action by either house may also be included in a schedule.