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Treasury Laws Amendment (Enterprise Tax Plan) Bill 2016

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2016-2017

 

The Parliament of the

Commonwealth of Australia

 

THE SENATE

 

 

 

Treasury Laws Amendment (Enterprise Tax Plan) Bill 2016

 

 

(1)     Clause 2, page 1 (line 8) to page 3 (line 3), omit subclause (1), substitute:

             (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Note:          This table relates only to the provisions of this Act as originally enacted.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.

[commencement]

(2)     Schedule 1, Parts 4 to 11, page 9 (line 1) to page 17 (line 18), omit the Parts, substitute:

Part 9 Amendments commencing 1 July 2024

Income Tax Rates Act 1986

33  Paragraph 23(2)(a)

Omit “27.5%”, substitute “27%”.

34  Subparagraph 23(3)(b)(i)

Omit “27.5%”, substitute “27%”.

35  Subparagraph 23(4)(c)(i)

Omit “27.5%”, substitute “27%”.

36  Subparagraph 23(6)(b)(i)

Omit “$832”, substitute “$817”.

37  Paragraph 23(7)(a)

Omit “41.25%”, substitute “40.5%”.

38  Paragraph 25(a)

Omit “27.5%”, substitute “27%”.

Part 10 Amendments commencing 1 July 2025

Income Tax Rates Act 1986

39  Paragraph 23(2)(a)

Omit “27%”, substitute “26%”.

40  Subparagraph 23(3)(b)(i)

Omit “27%”, substitute “26%”.

41  Subparagraph 23(4)(c)(i)

Omit “27%”, substitute “26%”.

42  Subparagraph 23(6)(b)(i)

Omit “$817”, substitute “$788”.

43  Paragraph 23(7)(a)

Omit “40.5%”, substitute “39%”.

44  Paragraph 25(a)

Omit “27%”, substitute “26%”.

Part 11 Amendments commencing 1 July 2026

Income Tax Rates Act 1986

45  Paragraph 23(2)(a)

Omit “26%”, substitute “25%”.

46  Subparagraph 23(3)(b)(i)

Omit “26%”, substitute “25%”.

47  Subparagraph 23(4)(c)(i)

Omit “26%”, substitute “25%”.

48  Subparagraph 23(6)(b)(i)

Omit “$788”, substitute “$762”.

49  Paragraph 23(7)(a)

Omit “39%”, substitute “37.5%”.

50  Paragraph 25(a)

Omit “26%”, substitute “25%”.

[corporate tax rate]

(3)     Schedule 1, item 57, page 18 (lines 12 to 26), omit subitems (4) to (8).

[corporate tax rate]

(4)     Schedule 4, Part 2, page 36 (line 1) to page 39 (line 19), to be opposed .

[main consequential amendments relating to imputation]

(5)     Schedule 4, item 58, page 40 (lines 2 to 6), omit the item, substitute:

58  Application of amendments

The amendments made by Part 1 of this Schedule apply to the 2016-17 income year and later income years.

[main consequential amendments relating to imputation]

(6)     Schedule 5, Parts 3 to 6, page 43 (line 1) to page 51 (line 29), omit the Parts, substitute:

Part 4 Amendments commencing 1 July 2024

Income Tax Assessment Act 1997

17  Paragraph 65-30(2)(a)

Omit “0.275”, substitute “0.27”.

18  Paragraph 65-35(3A)(a)

Omit “27.5”, substitute “27”.

Part 5 Amendments commencing 1 July 2025

Income Tax Assessment Act 1997

19  Paragraph 65-30(2)(a)

Omit “0.27”, substitute “0.26”.

20  Paragraph 65-35(3A)(a)

Omit “27”, substitute “26”.

Part 6 Amendments commencing 1 July 2026

Income Tax Assessment Act 1997

21  Paragraph 65-30(2)(a)

Omit “0.26”, substitute “0.25”.

22  Paragraph 65-35(3A)(a)

Omit “26”, substitute “25”.

[other consequential amendments]