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The Treasury Laws Amendment (Enterprise Tax Plan) Bill 2016 has completed its passage through parliament and now awaits assent. The Bill was passed by the Senate with six government amendments that the House of Representatives has agreed to. The Bill contains measures to progressively reduce the corporate tax rate and increase the small business turnover thresholds for various concessions.
However, as expected the current aggregated turnover threshold of $2m will be retained for the small business capital gains tax concessions.