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

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

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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.

Progress

House of Representatives
Introduced and read a first time 16 Oct 2018
Second reading moved 16 Oct 2018
Second reading debate 16 Oct 2018
Second reading agreed to 16 Oct 2018
Third reading agreed to 16 Oct 2018
Senate
Introduced and read a first time 17 Oct 2018
Second reading moved 17 Oct 2018
Second reading agreed to 18 Oct 2018
Third reading agreed to 18 Oct 2018
Finally passed both Houses 18 Oct 2018
Assent
  • Act no: 134
  • Year: 2018
25 Oct 2018

Documents and transcripts

Text of bill

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Word Format PDF Format HTML Format

Explanatory memoranda

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Proposed amendments

Senate

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Schedules of amendments

No documents at present

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.