Part of a package of 11 bills, the bill amends the:
Income Tax Assessment Act 1997,
Income Tax (Transitional Provisions) Act 1997 and
Taxation Administration Act 1953 to abolish the entrepreneurs’ tax offset;
Income Tax Assessment Act 1997 and
Income Tax (Transitional Provisions) Act 1997 to: increase the small business instant asset write-off threshold to $6500; and consolidate the long life small business pool and the general small business pool into a single pool to be written off at one rate;
Income Tax Assessment Act 1997 to enable small business entities to claim an accelerated initial deduction for motor vehicles acquired in the 2012-13 and subsequent financial years; and
Superannuation (Government Co-contribution for Low Income Earners) Act 2003 to enable eligible low income earners to receive the low income superannuation contribution.