Bill
Treasury Laws Amendment (Enterprise Tax Plan) Bill 2016
passed, as at 2017-05-19. Treasury portfolio.
- Sponsor
- Not recorded
- Portfolio
- Treasury
Recorded stages
- introduced — 2016-09-01
- second reading — 2016-09-01
- second reading — 2017-02-09
- second reading — 2017-03-02
- second reading — 2017-03-22
- second reading — 2017-03-23
- second reading — 2017-03-27
- second reading — 2017-03-27
- third reading — 2017-03-27
- introduced — 2017-03-27
- second reading — 2017-03-27
- second reading — 2017-03-29
- second reading — 2017-03-31
- second reading — 2017-03-31
- committee — 2017-03-31
- third reading — 2017-03-31
- other — 2017-05-09
- passed — 2017-05-09
- royal assent — 2017-05-19
Divisions
- Treasury Laws Amendment (Enterprise Tax Plan) Bill 2016 - Second Reading - Don't agree with the bill's main idea — 2017-03-27, House of Representatives: negative, ayes 66, noes 77
- Treasury Laws Amendment (Enterprise Tax Plan) Bill 2016 - Second Reading - Agree with the bill's main idea — 2017-03-27, House of Representatives: affirmative, ayes 76, noes 69
- Treasury Laws Amendment (Enterprise Tax Plan) Bill 2016 - Third Reading - Pass the bill — 2017-03-27, House of Representatives: affirmative, ayes 76, noes 69
- Michael McCormack I move: That the amendments be agreed to. In recent weeks, during the parliamentary sitting recess, I have travelled to many locations listening to and hearing directly from hundreds of small business owners. Every day I have been encouraged by the positive response to the tax cut we have already delivered for small business and the anticipation for the tax cuts to go further and to be extended to more businesses. The government's enterprise tax plan will deliver tax relief for 3.2 million small and medium businesses, which employ more than 6½ million Australian workers. They are at the forefront of this amendment before the House today. We all want more jobs. We all want better opportunities. We all want higher wages. The government has accepted the Senate's amendments to the Treasury Laws Amendment (Enterprise Tax Plan) Bill 2016. Small and medium businesses with turnovers of less than $50 million a year are set to benefit from their tax rate falling to 25 per cent. It will deliver new job opportunities and increase wages. This amendment will enable businesses with a turnover of less than $10 million to receive a reduction in their tax rate to 27½ per cent this financial year—the lowest it has been for many, many decades. Under our reforms, small businesses with turnovers of up to $10 million will also receive access to tax concessions, including immediate deductibility for assets costing less than $20,000 acquired before 30 June 2017—another tax simplification provision. Our plan is to cut taxes, put small businesses in the driver's seat and Australians in jobs. Above all, it is a plan to create new opportunities and secure Australia's future. It is small business, not government, which creates jobs and opportunities. This government is serious about energising enterprise. As a country MP, I think I am pretty fortunate. As local members we travel about towns, villages and communities in our large, diverse electorates, and locals will always stop — 2017-05-09, House of Representatives: affirmative, ayes 77, noes 67
- Tony Smith The question now is that the motion moved by the minister be agreed to. — 2017-05-09, House of Representatives: affirmative, ayes 77, noes 68
Plain-language summary
Written by a model from the explanatory memorandum; not the record, as at 2016-09-01.
This bill would cut the corporate tax rate for small businesses and eventually for all companies.
It would reduce the rate to 27.5% in 2016-17 for entities with turnover under $10 million, then extend the cut to all corporate tax entities by 2023-24.
The rate would fall further to 27% in 2024-25, 26% in 2025-26, and 25% from 2026-27 onward.
- Reduces the corporate tax rate to 27.5% for small business entities in 2016-17.
- Extends the lower rate to all corporate tax entities by 2023-24.
- Cuts the rate to 27% in 2024-25, 26% in 2025-26, and 25% from 2026-27.
- Makes consequential amendments to the ITAA 1936 and ITAA 1997.
Corporate tax entities, especially small business entities with aggregated turnover under $10 million.
Sources
em
em supp
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