Small business measures legislation

The Tax Laws Amendment (Small Business Measures No 1) Bill 2015 and the Tax Laws Amendment (Small Business Measures No 2) Bill 2015 were passed by the Senate without amendments and received royal assent as Acts No 66 and 67 of 2015, respectively.

Tax Laws Amendment (Small Business Measures No 1) Act 2015 reduces the company tax rate from 30 per cent to 28 per cent for companies that are small business entities with an aggregated turnover of less than $2 million from the 2015-16 income year.