On 23 May 2017, Australia published the Treasury Law Amendment (Enterprise Tax Plan) Act 2017 after receiving royal assent on 19 May. The main changes the legislation provides for are a reduction of the reduced corporate tax rate for small businesses and an increase in the turnover threshold. The legislation also changes the term "small business entity" to "base rate entity" for the purpose of the reduced rates from 2017.
The small business (base) rate is reduced from 28.5% to:
- 27.5% from …