Australia Consults on Eligibility for Reduced Corporate Tax Rate

On 18 September 2017, the Australian Treasury launched a public consultation on the Treasury Laws Amendment (Enterprise Tax Plan Base Rate Entities) Bill 2017. The legislation would amend the Income Tax Rates Act 1986 to ensure that a corporate tax entity would only qualify for Australia's reduced corporate tax rate if:

• The corporate tax entity carries on a business in the income year;
• The aggregated turnover of the corporate tax entity for the income year is less than the aggregated turnove…