Tax Laws Amendment (Small Business Measures No. 2) Bill 2015

Type
Government
Portfolio
Treasury
Originating house
House of Representatives
Status
Act
Parliament no
44

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Summary

Amends the: Income Tax Assessment Act 1997 and Income Tax (Transitional Provisions) Act 1997 to temporarily increase the threshold under which certain depreciating assets, costs incurred in relation to depreciating assets and general small business pools can be written off; and Income Tax Assessment Act 1997 to: make consequential amendments; enable primary producers to claim an immediate deduction for capital expenditure on water facilities and fencing assets; and deduct capital expenditure on fodder storage assets over three years.

Progress

House of Representatives
Introduced and read a first time 28 May 2015
Second reading moved 28 May 2015
Second reading debate 02 Jun 2015
Second reading debate 03 Jun 2015
Second reading debate 04 Jun 2015
Second reading agreed to 04 Jun 2015
Third reading agreed to 04 Jun 2015
Senate
Introduced and read a first time 15 Jun 2015
Second reading moved 15 Jun 2015
Second reading debate 15 Jun 2015
Second reading agreed to 15 Jun 2015
Committee of the Whole debate 15 Jun 2015
Third reading agreed to 15 Jun 2015
Finally passed both Houses 15 Jun 2015
Assent
  • Act no.: 67
  • Year: 2015
22 Jun 2015

Documents and transcripts

Text of bill

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Word Format PDF Format HTML Format

Explanatory memoranda

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Proposed amendments

No proposed amendments have been circulated.

Schedules of amendments

No documents at present

Bills digest

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Notes

Helpful information

Text of bill

  • First reading: Text of the bill as introduced into the Parliament
  • Third reading: Prepared if the bill is amended by the house in which it was introduced. This version of the bill is then considered by the second house.
  • As passed by both houses: Final text of bill agreed to by both the House of Representatives and the Senate which is presented to the Governor-General for assent.

Explanatory memoranda

  • Explanatory memorandum: Accompanies and provides an explanation of the content of the introduced version (first reading) of the bill.
  • Supplementary explanatory memorandum: Accompanies and explains amendments proposed by the government to the bill.
  • Revised explanatory memorandum: Accompanies and explains the amended version (third reading) of the bill. It supersedes the explanatory memorandum.

Proposed amendments

Circulated by members and senators when they propose to make changed to the bill. For details about the outcome of proposed amendments please refer to either theĀ Votes and Proceedings (House of Representatives) or the Journals (Senate).

Schedules of amendments

Schedules of amendments list amendments agreed to by the second house are communicated to the first house for consideration. Subsequent action by either house may also be included in a schedule.