On 18 October 2018, the Treasury Laws Amendment (Lower Taxes for Small and Medium Businesses) Bill 2018 was passed by both houses of the Australian parliament. The legislation brings forward tax relief for small and medium businesses by amending the Treasury Laws Amendment (Enterprise Tax Plan) Act 2017 to:
- Reduce the corporate tax rate for corporate tax entities that derive no more than 80% of their income in passive forms and have an aggregated turnover of less than AUD 50 million (base r…