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• Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) Bill 2023

  Track (What's this?)

  Date

  13 Sep 2023 

  Chamber

  House of Representatives 

  Status

  Before House of Representatives 

  Portfolio

  Treasury 

  Summary

  Amends the:

  Income Tax (Transitional Provisions) Act 1997

  to: increase the instant asset write-off threshold from $1,000 to $20,000 for the 2023-24 financial year; and provide small and medium businesses with access to a bonus tax deduction for the 2023-24 financial year relating to electrification and more efficient energy use;

  Income Tax Assessment Act 1997

  ,

  Taxation Administration Act 1953

  and

  A New Tax System (Australian Business Number) Act 1999

  to facilitate certain community charities achieving deductible gift recipient status;

  Income Tax Assessment Act 1997

  to: include two new entities on the list of deductible gift recipients and extend the listing for two other entities; extend the Global Infrastructure Hub’s income tax exemption for an additional year; broadly align existing tax requirements with a new accounting standard for insurance contracts; and amend the rules for non-arm’s length expenses for superannuation entities;

  Corporations Act 2001

  to reinstate the Australian Financial Complaint Authority’s jurisdiction to hear certain complaints relating to superannuation; and

  Treasury Laws Amendment (2023 Law Improvement Package No. 1) Act 2023

  to make contingent amendments. 

  Bill | Explanatory Memorandum