Treasury Laws Amendment (Enterprise Tax Plan No. 2) Bill 2017

The majority voted against a motion introduced by Labor MP Chris Bowen, which means it failed.

What did the motion try to do?

The motion amended the usual second reading motion ("That this bill be now read a second time") with the words:

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

"the House declines to give this bill a second reading as:

(1) this significant structural deterioration in the Budget is unaffordable;

(2) the Government has prioritised giving millionaires and big business tax cuts, and raising income taxes on workers earning above $21,000, over saving penalty rates; and

(3) the Government has failed to deliver any economic leadership".

Had this motion been successful, the bill would have failed in the House of Representatives.

About the bill

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.