Commonwealth Consolidated Acts

TREASURY LAWS AMENDMENT (ENTERPRISE TAX PLAN) ACT 2017 - SCHEDULE 1

Part   1 -- Amendments commencing 1   July 2016

Income Tax Rates Act 1986

1   Paragraph 23(2)(a)

Omit "28.5%", substitute "27.5%".

2   Paragraph 23(3)(b)

Repeal the paragraph, substitute:

  (b)   in respect of the standard component:

  (i)   if the company is a small business entity for a year of income--27.5%; or

  (ii)   otherwise--30%.

3   Paragraph 23(4)(c)

Repeal the paragraph, substitute:

  (c)   in respect of so much of the taxable income as exceeds the PDF component:

  (i)   if the company is a small business entity for a year of income--27.5%; or

  (ii)   otherwise--30%.

4   Subparagraph 23(6)(b)(i)

Omit "$863", substitute "$832".

5   Paragraph 23(7)(a)

Omit "42.75%", substitute "41.25%".

6   Paragraph 25(a)

Omit "28.5%", substitute "27.5%".

Part   2 -- Amendments commencing 1   July 2017

Income Tax Rates Act 1986

7   Subsection   3(1)

Insert:

"base rate entity" has the meaning given by section   23AA.

8   Paragraph 23(2)(a)

Omit "small business entity", substitute "base rate entity".

9   Subparagraph 23(3)(b)(i)

Omit "small business entity", substitute "base rate entity".

10   Subparagraph 23(4)(c)(i)

Omit "small business entity", substitute "base rate entity".

11   Subparagraph 23(6)(b)(i)

Omit "small business entity", substitute "base rate entity".

12   Paragraph 23(7)(a)

Omit "small business entity", substitute "base rate entity".

13   After section   23

Insert:

23AA   Meaning of base rate entity

    An entity is a base rate entity for a year of income if:

  (a)   it carries on a business (within the meaning of the Income Tax Assessment Act 1997 ) in the year of income; and

  (b)   its aggregated turnover (within the meaning of that Act) for the year of income, worked out as at the end of that year, is less than $25 million.

14   Paragraph 25(a)

Omit "small business entity", substitute "base rate entity".

15   Paragraph 28A(a)

Omit "the rate specified in paragraph   23(2)(b) (about companies other than small business entities)", substitute "the rate specified in paragraph   23(2)(b) of this Act".

Part   3 -- Amendments commencing 1   July 2018

Income Tax Rates Act 1986

16   Paragraph 23AA(b)

Omit "$25 million", substitute "$50 million".

Part   10 -- Amendments commencing 1   July 2020

Income Tax Rates Act 1986

39   Paragraph 23(2)(a)

Omit "27.5%", substitute "26%".

40   Subparagraph 23(3)(b)(i)

Omit "27.5%", substitute "26%".

41   Subparagraph 23(4)(c)(i)

Omit "27.5%", substitute "26%".

42   Subparagraph 23(6)(b)(i)

Omit "$832", substitute "$788".

43   Paragraph 23(7)(a)

Omit "41.25%", substitute "39%".

44   Paragraph 25(a)

Omit "27.5%", substitute "26%".

Part   11 -- Amendments commencing 1   July 202 1

Income Tax Rates Act 1986

45   Paragraph 23(2)(a)

Omit "26%", substitute "25%".

46   Subparagraph 23(3)(b)(i)

Omit "26%", substitute "25%".

47   Subparagraph 23(4)(c)(i)

Omit "26%", substitute "25%".

48   Subparagraph 23(6)(b)(i)

Omit "$788", substitute "$762".

49   Paragraph 23(7)(a)

Omit "39%", substitute "37.5%".

50   Paragraph 25(a)

Omit "26%", substitute "25%".

Part   12 -- Application of amendments

57   Application of amendments

(1)   Subject to the following subitems, the amendments made by Part   1 of this Schedule apply to the 2016 - 17 year of income and later years of income.

(2)   Subject to the following subitems, the amendments made by Part   2 of this Schedule apply to the 2017 - 18 year of income and later years of income.

(3)   Subject to the following subitems, the amendments made by Part   3 of this Schedule apply to the 2018 - 19 year of income and later years of income.

(10)   Subject to the following subitem, the amendments made by Part   10 of this Schedule apply to the 2020 - 21 year of income and later years of income.

(11)   The amendments made by Part   11 of this Schedule apply to the 2021 - 22 year of income and later years of income.