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
3 Sections 24 and 25
Repeal the sections, substitute:
24 Rate of tax payable by trustees of corporate unit trusts
The rate of tax payable by a trustee of a corporate unit trust in respect of the net income of the corporate unit trust in respect of which the trustee is liable, under section 102K of the Assessment Act, to be assessed and to pay tax is:
(a) if the trust is a small business entity for a year of income - 28.5%; or
(b) otherwise - 30%.
25 Rate of tax payable by trustees of public trading trusts
The rate of tax payable by a trustee of a public trading trust in respect of the net income of the public trading trust in respect of which the trustee is liable, under section 102S of the Assessment Act, to be assessed and to pay tax is:
(a) if the trust is a small business entity for a year of income - 28.5%; or
(b) otherwise - 30%.