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Good news for Innovative small business in Australia

Treasury Laws Amendment (Lower Taxes for Small and Medium Businesses) Bill 2018

Type
Government
Portfolio
Treasury
Originating house
House of Representatives
Status
Passed Both Houses
Parliament no
45

(What’s this?)

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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

House of Representatives
Introduced and read a first time 16 Oct 2018
Second reading moved 16 Oct 2018
Second reading debate 16 Oct 2018
Second reading agreed to 16 Oct 2018
Third reading agreed to 16 Oct 2018
Senate
Introduced and read a first time 17 Oct 2018
Second reading moved 17 Oct 2018
Second reading agreed to 18 Oct 2018
Third reading agreed to 18 Oct 2018
Finally passed both Houses 18 Oct 2018
Posted on October 21, 2018

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