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

Schedule 1   Amendments

Part 2   Consequential amendments

Division 1   Main amendments

Income Tax Assessment Act 1997

28   Subsection 995-1(1) (definition of corporate tax rate)

Repeal the definition, substitute:

corporate tax rate :

(a) in relation to a company to which paragraph 23(2)(a) of the Income Tax Rates Act 1986 applies - means the rate of tax in respect of the taxable income of the company; or

(b) in relation to another entity - means the *standard corporate tax rate.