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Second Reading Speeches

Tax Laws Amendment (Stronger, Fairer, Simpler and Other Measures) Bill 2011

Type
Government
Portfolio
Treasury
Originating house
House of Representatives
Status
Act
Parliament no
43

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Summary

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.