Good news for Innovative small business in Australia

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

Type

Government

Portfolio

Treasury

Originating house

House of Representatives

Status

Passed Both Houses

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.

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