Australia: Senate committee recommends passage of small business incentive and charities amendment bill
Senators made additional comments on the bill and recommendations
Senators made additional comments on the bill and recommendations
The Senate Economics Legislation Committee has given its recommendation that the Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) Bill 2023 be passed.
The bill was previously referred to the committee by the House of Representatives for inquiry. Read TaxNewsFlash
The bill proposes to amend several Acts to implement a broad range of measures relating to small businesses, charities and clarifying matters relating to superannuation and insurance, which include:
- Increasing the instant asset write-off threshold from $1,000* to $20,000 for FY 2023-2024
- Providing small and medium businesses with access to a bonus tax deduction for FY 2023-2024 relating to electrification and more efficient energy use
- Facilitating 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
- Amending the rules for non-arm’s length expenses for superannuation entities
Senators made additional comments on the bill and recommended:
- Increasing the instant asset write-off threshold to $30,000 and expanding the eligibility to businesses with aggregated turnover of up to $50 million
- Extending the small business energy incentive to operate for three financial years (to expire on 30 June 2026)
- Reviewing the non-arm’s length expenses with consideration given to the alternative solution to the integrity concerns proposed by Chartered Accountants Australia and New Zealand, CPA Australia, Institute of Public Accountants, SMSF Association and The Tax Institute
*$=Australian dollar
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