Australian Parliament House is currently closed to the public.

Second Reading Speeches

Treasury Laws Amendment (Lower Taxes for Small and Medium Businesses) Bill 2018

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

Track (What's this?)

Permalink

Summary

Brings forward tax relief for small and medium businesses by amending the

Treasury Laws Amendment (Enterprise Tax Plan) Act 2017
to: reduce the corporate tax rate for corporate tax entities that derive no more than 80 per cent of their income in passive forms and have an aggregated turnover of less than $50 million (base rate entities) to 26 per cent for the 2020-21 financial year and to 25 per cent from the 2021-22 financial year; increase the small business income tax offset rate for small businesses that have an aggregated turnover of less than $5 million to 13 per cent for the 2020-21 financial year and to 16 per cent from the 2021-22 financial year; and make consequential amendments.