Treasury Laws Amendment (Enterprise Tax Plan) Bill 2016

The majority voted against a motion introduced by Labor MP Chris Bowen, which means it failed. The motion asked the House of Representatives to refused to agree to the bill's main idea. In parliamentary jargon, the motion asked the House to refuse to read the bill for a second time.

Motion text

That all the words after “That” be omitted with a view to substituting the following words:

“the House declines to give the bill a second reading as the:

(1) Government has failed on fiscal policy, tripling the deficit and increasing net debt by $100 billion, and putting our hard-earned and coveted triple A credit rating at risk;

(2) Prime Minister and the Treasurer have failed to deliver the economic leadership that this country needs and deserves; and

(3) Government’s plan to give a $50 billion tax cut to big business is not affordable in the current fiscal and economic circumstances.”

What does the bill do?

According to the bill's homepage, the main purpose of the bill is to reduce the rate of corporate (or company) tax rate. First for small businesses and then for all corporate tax entities.

More information is available in the bills digest.