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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 (Lower Taxes for Small and Medium Businesses) Bill 2018


Type
Government
Originating house
House of Representatives
Status
Assent
Portfolio
Treasury

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 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 16/10/18  
Second reading moved 16/10/18  
Second reading debate 16/10/18  
Second reading agreed to 16/10/18  
Third reading agreed to 16/10/18  
     
Senate
Introduced and read a first time 17/10/18  
Second reading moved 17/10/18  
Second reading agreed to 18/10/18  
Third reading agreed to 18/10/18  
     
Finally passed both Houses 18/10/18  
Assent 25/10/18 Act no: 134 - Year: 2018
     

Text of bill

  • First reading

MS-Word PDF HTML
  • As passed by both Houses

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Explanatory memoranda

  • Explanatory memorandum

MS-Word PDF HTML

Second reading speeches


Proposed amendments

Senate
  • Australian Conservatives/Liberal Democratic Party [sheet 8552]
BERNARDI, Sen Cory
LEYONHJELM, Sen David

MS-Word PDF HTML

Schedules of amendments

Bills Digest



Notes
  • An electronic version of this Act is available on the Federal Register of Legislation (www.legislation.gov.au)