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Thursday, 23 August 2018
Page: 5696

Senator RUSTON (South AustraliaAssistant Minister for Agriculture and Water Resources) (13:16): Firstly, I thank those opposite for the contribution that they've made to this debate. The amendments in this bill, the Treasury Laws Amendment (Enterprise Tax Plan Base Rate Entities) Bill 2017, will clarify the eligibility criteria for the lower company tax rate under the enterprise tax plan. The bill will introduce a new bright-line test to exclude passive companies. Under this test, companies that generate more than 80 per cent of their income in passive forms will not have access to the lower company tax rate. This test will replace the test for carrying on a business. The new test will operate from the 2017-18 income year and will help companies identify their applicable tax rate. I commend the bill to the Senate.

Question agreed to.

Bill read a second time.