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Treasury Laws Amendment (Enterprise Tax Plan) Bill 2016

2016-2017

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

As passed by both Houses

 

 

 

 

Treasury Laws Amendment (Enterprise Tax Plan) Bill 2017

 

No.      , 2017

 

 

 

 

 

A Bill for an Act to amend the law relating to taxation, and for related purposes

   

   



Contents

1............ Short title............................................................................................. 1

2............ Commencement................................................................................... 1

3............ Schedules............................................................................................ 3

Schedule 1—Reducing the corporate tax rate                                                       4

Part 1—Amendments commencing 1 July 2016                                              4

Income Tax Rates Act 1986                                                                                         4

Part 2—Amendments commencing 1 July 2017                                              5

Income Tax Rates Act 1986                                                                                         5

Part 3—Amendments commencing 1 July 2018                                              7

Income Tax Rates Act 1986                                                                                         7

Part 9—Amendments commencing 1 July 2024                                              8

Income Tax Rates Act 1986                                                                                         8

Part 10—Amendments commencing 1 July 2025                                            9

Income Tax Rates Act 1986                                                                                         9

Part 11—Amendments commencing 1 July 2026                                          10

Income Tax Rates Act 1986                                                                                       10

Part 12—Application of amendments                                                                 11

Schedule 2—Amount of tax discount for unincorporated small businesses            12

Part 1—Amendments commencing 1 July 2016                                            12

Income Tax Assessment Act 1997                                                                             12

Part 2—Amendments commencing 1 July 2024                                            13

Income Tax Assessment Act 1997                                                                             13

Part 3—Amendments commencing 1 July 2025                                            14

Income Tax Assessment Act 1997                                                                             14

Part 4—Amendments commencing 1 July 2026                                            15

Income Tax Assessment Act 1997                                                                             15

Part 5—Application of amendments                                                                    16

Schedule 3—Access to small business concessions, etc.                                  17

Part 1—Amendments                                                                                                   17

Income Tax Assessment Act 1997                                                                             17

Part 2—Application of amendments                                                                    21

Schedule 4—Main consequential amendments relating to imputation 22

Part 1—Amendments commencing 1 July 2016                                            22

Income Tax Assessment Act 1997                                                                             22

Part 3—Application of amendments                                                                    28

Schedule 5—Other consequential amendments                                                  29

Part 1—Amendments commencing 1 July 2016                                            29

Income Tax Assessment Act 1997                                                                             29

Part 2—Amendments commencing 1 July 2017                                            30

Income Tax Assessment Act 1997                                                                             30

Part 4—Amendments commencing 1 July 2024                                            31

Income Tax Assessment Act 1997                                                                             31

Part 5—Amendments commencing 1 July 2025                                            32

Income Tax Assessment Act 1997                                                                             32

Part 6—Amendments commencing 1 July 2026                                            33

Income Tax Assessment Act 1997                                                                             33

 

 



A Bill for an Act to amend the law relating to taxation, and for related purposes

The Parliament of Australia enacts:

1   Short title

                   This Act is the Treasury Laws Amendment (Enterprise Tax Plan) Act 2017 .

2   Commencement

             (1)  Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

 

Commencement information

Column 1

Column 2

Column 3

Provisions

Commencement

Date/Details

1.  Sections 1 to 3 and anything in this Act not elsewhere covered by this table

The day this Act receives the Royal Assent.

 

2.  Schedule 1, Part 1

1 July 2016.

1 July 2016

3.  Schedule 1, Part 2

1 July 2017.

1 July 2017

4.  Schedule 1, Part 3

1 July 2018.

1 July 2018

5.  Schedule 1, Part 9

1 July 2024.

1 July 2024

6.  Schedule 1, Part 10

1 July 2025.

1 July 2025

7.  Schedule 1, Part 11

1 July 2026.

1 July 2026

8.  Schedule 1, Part 12

The day this Act receives the Royal Assent.

 

9.  Schedule 2, Part 1

1 July 2016.

1 July 2016

10.  Schedule 2, Part 2

1 July 2024.

1 July 2024

11.  Schedule 2, Part 3

1 July 2025.

1 July 2025

12.  Schedule 2, Part 4

1 July 2026.

1 July 2026

13.  Schedule 2, Part 5

The day this Act receives the Royal Assent.

 

14.  Schedule 3, Part 1

1 July 2016.

1 July 2016

15.  Schedule 3, Part 2

The day this Act receives the Royal Assent.

 

16.  Schedule 4, Part 1

1 July 2016.

1 July 2016

17.  Schedule 4, Part 3

The day this Act receives the Royal Assent.

 

18.  Schedule 5, Part 1

1 July 2016.

1 July 2016

19.  Schedule 5, Part 2

1 July 2017.

1 July 2017

20.  Schedule 5, Part 4

1 July 2024.

1 July 2024

21.  Schedule 5, Part 5

1 July 2025.

1 July 2025

22.  Schedule 5, Part 6

1 July 2026.

1 July 2026

Note:          This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.

             (2)  Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.

3   Schedules

                   Legislation that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.