According to an update from the Australian Parliament, the Treasury Laws Amendment (Lower Taxes for Small and Medium Businesses) Act 2018 (Act no: 134) received royal assent (was enacted) on 25 October 2018. The legislation includes amendments to bring forward the scheduled reduction in the corporate tax rate for small and medium businesses and the increase in the small business income tax offset ({News-2018-10-18/A/2-previous coverage}).