Corporate tax rate resolved (for now) – 3 April 2017
On Friday 31 March, 2017, the deal was done. Treasury Laws Amendment (Enterprise Tax Plan) Bill 2016 was passed with amendments by the Senate. The Bill still needs to return to the House of Representatives (when Parliament resumes in May) to be passed by the House and receive Royal Assent.
The end result was a staged reduction in the corporate tax rate for companies with an annual turnover of less than $50 million. The Government has stated that it remains “absolutely committed” to the full plan of tax cuts. However Stage 2 will be presented to the Senate only when the Government is in a position to believe that the Bill will pass.