Treasury Laws Amendment (Enterprise Tax Plan) Act 2017 (41 of 2017)

Schedule 1   Reducing the corporate tax rate

Part 2   Amendments commencing 1 July 2017

Income Tax Rates Act 1986

13   After section 23


23AA Meaning of base rate entity

An entity is a base rate entity for a year of income if:

(a) it carries on a business (within the meaning of the Income Tax Assessment Act 1997) in the year of income; and

(b) its aggregated turnover (within the meaning of that Act) for the year of income, worked out as at the end of that year, is less than $25 million.