Tax Laws Amendment (Small Business Measures No. 3) 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 to: provide a 5 per cent tax offset (capped at $1000 per income year) to individuals who run small businesses with an aggregate annual turnover of less than $2 million, or who have a share of a small business’ income included in their assessable income; and enable small businesses and individuals to immediately deduct certain costs incurred when starting up a business; and Fringe Benefits Tax Assessment Act 1986 to extend the fringe benefits tax exemption that applies to employers that provide employees with work-related portable electronic devices.

Progress

House of Representatives
Introduced and read a first time 24 Jun 2015
Second reading moved 24 Jun 2015
Second reading debate 12 Aug 2015
Second reading agreed to 12 Aug 2015
Third reading agreed to 12 Aug 2015
Senate
Introduced and read a first time 13 Aug 2015
Second reading moved 13 Aug 2015
Second reading debate 13 Aug 2015
Second reading agreed to 13 Aug 2015
Third reading agreed to 13 Aug 2015
Finally passed both Houses 13 Aug 2015
Assent
  • Act no.: 114
  • Year: 2015
26 Aug 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.