The Treasury Laws Amendment (Enterprise Tax Plan) Bill 2016 has now been passed by the parliament and takes effect from 1 July 2017. The company tax rate changes are contained in the below table. The reduced tax rates will progressively apply to companies with a turnover less than $50 million by the 2018–19 income year. The tax rate will then reduce for these companies to 25% by the 2026–27 income year.
Aggregated Turnover threshold
Company tax rate for entities under the turnover threshold
Company tax rate for entities over the turnover threshold
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