22nd Aug 2018, 10:49 AM – Senate Treasury Laws Amendment (Enterprise Tax Plan No. 2) Bill 2017 - in Committee - Report the bill

The majority voted in favour of reporting the bill. In light of the previous vote, the bill is in an unusual situation meaning that after this vote it will effectively fail. An interaction between South Australian Senator Penny Wong (Labor) and the Chair explains.

Senator Wong:

The Senate has just voted against a motion that the bill stand as printed. Given that was somewhat unusual, although I think it has occurred before, it might be useful for the chair to advise the Senate what the status of the next vote signifies so senators can be clear what they're voting on and whether there will, in fact, be a third reading.

The Chair:

Thank you, Senator Wong. The next part that we would vote on is that the bill be reported. We do need to report out of committee that the bill standing as printed has been rejected. That would then mean that, subsequently, there would be no third reading. So I'm going to put that. The question is that the bill be reported.

What is the bill's main idea?

The purpose of the bill is to:

progressively extend the lower 27.5 per cent corporate tax rate to all corporate tax entities by the 2023-24 financial year; and further reduce the corporate tax rate in stages so that by the 2026 27 financial year, the corporate tax rate for all entities will be 25 per cent

Read more in the bills digest.