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Bills of the current Parliament

Although every effort is made to ensure the accuracy of bills homepages, the authoritative sources for verifying the progress of bills are the House of Representatives Votes and Proceedings and the Journals of the Senate.

Treasury Laws Amendment (Enterprise Tax Plan) Bill 2016


Type
Government
Originating house
House of Representatives
Status
Act
Portfolio
Treasury

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 of bill

For committee reference information, please see the Notes section at the end of this page.

House of Representatives
Introduced and read a first time 01/09/16  
Second reading moved 01/09/16  
Second reading debate 09/02/17  
Second reading debate 02/03/17  
Second reading debate 22/03/17  
Second reading debate 23/03/17  
Second reading debate 27/03/17  
Second reading agreed to 27/03/17  
Third reading agreed to 27/03/17  
     
Senate
Introduced and read a first time 27/03/17  
Second reading moved 27/03/17  
Second reading debate 29/03/17  
Second reading debate 31/03/17  
Second reading agreed to 31/03/17  
Committee of the Whole debate 31/03/17 Amendment details: 6 Government agreed to
Third reading agreed to 31/03/17  
     
House of Representatives
Consideration of Senate message 09/05/17 Details: House agreed to Senate amendments
     
Finally passed both Houses 09/05/17  
Assent 19/05/17 Act no: 41 - Year: 2017
     

Text of bill

  • First reading

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  • As passed by both Houses

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Explanatory memoranda

  • Explanatory memorandum

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  • Supplementary explanatory memorandum

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Second reading speeches


Proposed amendments

Senate
  • Government [sheet HG184]

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  • Jacqui Lambie Network [sheet 8135]
LAMBIE, Sen Jacqui

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  • Opposition [sheet 7932]
GALLAGHER, Sen Katy

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Schedules of amendments

  • Schedule of the amendments made by the Senate

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Bills Digest



Notes
  • Referred to Committee (15/09/2016): Senate Economics Legislation Committee; Committee report (10/10/2016)
  • An electronic version of this Act is available on the Federal Register of Legislation (www.legislation.gov.au)