Tax Laws Amendment (Small Business Measures No. 1) Act 2015 (66 of 2015)

Schedule 1   Amendments

Part 1   Reducing the corporate tax rate for small business entities

Income Tax Rates Act 1986

1   Subsection 23(2)

Repeal the subsection, substitute:

(2) The rate of tax in respect of the taxable income of a company is:

(a) if the company is a small business entity for a year of income - 28.5%; or

(b) otherwise - 30%;

if subsections (3) to (5) and section 23A do not apply to the company.