House debates

Thursday, 8 February 2018


Treasury Laws Amendment (Enterprise Tax Plan Base Rate Entities) Bill 2017; Second Reading

11:00 am

Photo of Kelly O'DwyerKelly O'Dwyer (Higgins, Liberal Party, Minister for Revenue and Financial Services) Share this | | Hansard source

Firstly, I'd like to thank the members who've contributed to this debate on the Treasury Laws Amendment (Enterprise Tax Plan Base Rate Entities) Bill 2017. The amendments in this bill will clarify the criteria for the lower company tax rate. Businesses that derive more than 80 per cent of their incomes in passive forms will not have access to the lower company rate. This new 'bright-line test' will replace the 'carrying on a business test' and make it easier for companies to determine which tax rate applies. It will operate from the 2017-18 income year. I commend the bill to the House.

Photo of Tony SmithTony Smith (Speaker) Share this | | Hansard source

The original question was that this bill be now read a second time. To this the honourable member for Fenner has moved as an amendment that all words after 'That' be omitted with a view to substituting other words. The immediate question is that the amendment moved by the member for Fenner be agreed to.