On 22 August 2018, the Treasury Laws Amendment (Enterprise Tax Plan No 2) Bill 2017 (Bill) was defeated in the Senate by a vote of 36 to 30. The Bill proposed to progressively extend the lower 27.5% corporate tax rate to all corporate tax entities, regardless of turnover, by the 2023-24 income year.

This means that it is unlikely there will be attempted cuts to the company tax rate for larger companies in the next term of Parliament and the Government will consider alternative options to support Australian business competitiveness.