Australia: Small business incentive and charities amendment bill referred to senate committee
The committee is expected to produce a report by 23 November 2023.
The committee is expected to produce a report by 23 November 2023.
The House of Representatives referred the Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) Bill 2023 to the Senate Economics Legislation Committee for inquiry.
The bill seeks to:
- Increase the instant asset write-off threshold from $1,000 to $20,000 for the 2023-2024 financial years
- Provide small and medium-sized businesses with access to a bonus tax deduction for the 2023-2024 financial years relating to electrification and more efficient energy use
- Facilitate certain community charities achieving deductible gift recipient status and 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
- Amend the rules for non-arm’s length expenses for superannuation entities
- Reinstate the Australian Financial Complaint Authority’s jurisdiction to hear certain complaints relating to superannuation
The committee is expected to produce a report by 23 November 2023.
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