Australia: House disagrees with amendments to small business incentive and charities bill
The bill will now return to the Senate for further consideration.
The bill will now return to the Senate for further consideration.
The House of Representatives disagreed with Senate amendments made to the Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) Bill 2023 that proposes to increase the instant asset write-off threshold from $20,000* to $30,000 for businesses generating less than $50 million in revenue.
The bill also proposes to reduce the income tax compliance burden on the general insurance industry caused by the misalignment between the income tax law and the adoption of the new AASB 17.
Earlier, following an inquiry, the Senate Economics Legislation Committee recommended the bill be passed. Read TaxNewsFlash
The bill will now return to the Senate for further consideration.
*$=Australian dollar
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