Summary
Further to the Treasury Laws Amendment (Enterprise Tax Plan) Act 2017, the bill amends the: Income Tax Rates Act 1986 to: progressively extend the lower 27.5 per cent corporate tax rate to all corporate tax entities by the 2023-24 financial year; and further reduce the corporate tax rate in stages so that by the 2026 27 financial year, the corporate tax rate for all entities will be 25 per cent; and Income Tax Assessment Act 1936, Income Tax Assessment Act 1997, Treasury Laws Amendment (Combating Multinational Tax Avoidance) Act 2017 and Treasury Laws Amendment (Enterprise Tax Plan) Act 2017 to make consequential amendments.