Company tax cuts bill voted down

The Senate has negatived—voted down—the government’s plan to lower tax rates for companies with an annual turnover of more than $50 million.

Aug 29, 2018

The Treasury Laws Amendment (Enterprise Tax Plan No. 2) Bill 2017 passed the House of Representatives in February and sought to lower the company tax rate to 25 per cent.

Changes to the bill were proposed in the Senate—including only applying the tax cut to companies with a turnover below $500 million and excluding the big four banks from the lower tax rate—but the bill did not gain support from the opposition and enough of the crossbench to pass the Senate.