Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document
Treasury Laws Amendment (Enterprise Tax Plan) Bill 2016

2016

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

Presented and read a first time

 

 

 

 

Treasury Laws Amendment (Enterprise Tax Plan) Bill 2016

 

No.      , 2016

 

(Treasury)

 

 

 

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............................................................................................ 4

Schedule 1—Reducing the corporate tax rate                                                       5

Part 1—Amendments commencing 1 July 2016                                              5

Income Tax Rates Act 1986                                                                                         5

Part 2—Amendments commencing 1 July 2017                                              6

Income Tax Rates Act 1986                                                                                         6

Part 3—Amendments commencing 1 July 2018                                              8

Income Tax Rates Act 1986                                                                                         8

Part 4—Amendments commencing 1 July 2019                                              9

Income Tax Rates Act 1986                                                                                         9

Part 5—Amendments commencing 1 July 2020                                            10

Income Tax Rates Act 1986                                                                                       10

Part 6—Amendments commencing 1 July 2021                                            11

Income Tax Rates Act 1986                                                                                       11

Part 7—Amendments commencing 1 July 2022                                            12

Income Tax Rates Act 1986                                                                                       12

Part 8—Amendments commencing 1 July 2023                                            13

Income Tax Rates Act 1986                                                                                       13

Part 9—Amendments commencing 1 July 2024                                            15

Income Tax Rates Act 1986                                                                                       15

Part 10—Amendments commencing 1 July 2025                                          16

Income Tax Rates Act 1986                                                                                       16

Part 11—Amendments commencing 1 July 2026                                          17

Income Tax Rates Act 1986                                                                                       17

Part 12—Application of amendments                                                                 18

Schedule 2—Amount of tax discount for unincorporated small businesses            20

Part 1—Amendments commencing 1 July 2016                                            20

Income Tax Assessment Act 1997                                                                             20

Part 2—Amendments commencing 1 July 2024                                            21

Income Tax Assessment Act 1997                                                                             21

Part 3—Amendments commencing 1 July 2025                                            22

Income Tax Assessment Act 1997                                                                             22

Part 4—Amendments commencing 1 July 2026                                            23

Income Tax Assessment Act 1997                                                                             23

Part 5—Application of amendments                                                                    24

Schedule 3—Access to small business concessions, etc.                                  25

Part 1—Amendments                                                                                                   25

Income Tax Assessment Act 1997                                                                             25

Part 2—Application of amendments                                                                    29

Schedule 4—Main consequential amendments relating to imputation 30

Part 1—Amendments commencing 1 July 2016                                            30

Income Tax Assessment Act 1997                                                                             30

Part 2—Amendments commencing 1 July 2023                                            36

Income Tax Assessment Act 1997                                                                             36

Part 3—Application of amendments                                                                    40

Schedule 5—Other consequential amendments                                                  41

Part 1—Amendments commencing 1 July 2016                                            41

Income Tax Assessment Act 1997                                                                             41

Part 2—Amendments commencing 1 July 2017                                            42

Income Tax Assessment Act 1997                                                                             42

Part 3—Amendments commencing 1 July 2023                                            43

Income Tax Assessment Act 1936                                                                             43

Income Tax Assessment Act 1997                                                                             43

Part 4—Amendments commencing 1 July 2024                                            46

Income Tax Assessment Act 1997                                                                             46

Part 5—Amendments commencing 1 July 2025                                            48

Income Tax Assessment Act 1997                                                                             48

Part 6—Amendments commencing 1 July 2026                                            50

Income Tax Assessment Act 1997                                                                             50

 

 



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 2016 .

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 4

1 July 2019.

1 July 2019

6.  Schedule 1, Part 5

1 July 2020.

1 July 2020

7.  Schedule 1, Part 6

1 July 2021.

1 July 2021

8.  Schedule 1, Part 7

1 July 2022.

1 July 2022

9.  Schedule 1, Part 8

1 July 2023.

1 July 2023

10.  Schedule 1, Part 9

1 July 2024.

1 July 2024

11.  Schedule 1, Part 10

1 July 2025.

1 July 2025

12.  Schedule 1, Part 11

1 July 2026.

1 July 2026

13.  Schedule 1, Part 12

The day this Act receives the Royal Assent.

 

14.  Schedule 2, Part 1

1 July 2016.

1 July 2016

15.  Schedule 2, Part 2

1 July 2024.

1 July 2024

16.  Schedule 2, Part 3

1 July 2025.

1 July 2025

17.  Schedule 2, Part 4

1 July 2026.

1 July 2026

18.  Schedule 2, Part 5

The day this Act receives the Royal Assent.

 

19.  Schedule 3, Part 1

1 July 2016.

1 July 2016

20.  Schedule 3, Part 2

The day this Act receives the Royal Assent.

 

21.  Schedule 4, Part 1

1 July 2016.

1 July 2016

22.  Schedule 4, Part 2

1 July 2023.

1 July 2023

23.  Schedule 4, Part 3

The day this Act receives the Royal Assent.

 

24.  Schedule 5, Part 1

1 July 2016.

1 July 2016

25.  Schedule 5, Part 2

1 July 2017.

1 July 2017

26.  Schedule 5, Part 3

1 July 2023.

1 July 2023

27.  Schedule 5, Part 4

1 July 2024.

1 July 2024

28.  Schedule 5, Part 5

1 July 2025.

1 July 2025

29.  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.