Australia: Legislation extending instant asset write-off for one year, expanding beneficial ownership disclosure obligations referred to Senate Committee

In addition, draft legislation relating to PAYG withholding and GST released for consultation

Legislation (Treasury Laws Amendment (Strengthening Financial Systems and Other Measures) Bill 2025) passed by the House of Representatives on September 4, 2025, that would extend the $20,000* instant asset write-off for one year until June 30, 2026, and expand the beneficial ownership disclosure obligations applicable to entities listed on Australia's financial markets, has been referred to the Economics Legislation Committee for inquiry.

The Australian Taxation Office (ATO) also released for consultation the following five draft legislative instruments:

LI 2025/D18 Taxation Administration (PAYG Withholding Variation for Certain Insurance and Compensation Payments When an ABN is not Quoted) Legislative Instrument 2026
LI 2025/D19 A New Tax System (Goods and Services Tax) (Attribution Rules – Certain Motor Vehicle Incentive Payments made to Motor Vehicle Dealers) Determination 2026
LI 2025/D20 A New Tax System (Goods and Services Tax) (Attribution Rules – Prepayment for a Telecommunication Supply) Determination 2026
LI 2025/D21 A New Tax System (Goods and Services Tax) (Attribution Rules – Supplies of Electricity Distribution Services) Determination 2026
LI 2025/D22 A New Tax System (Goods and Services Tax) (Frequency of Fund-raising Events) Determination 2026

*$=Australian dollar

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Australia: Legislation extending instant asset write-off for one year, expanding beneficial ownership disclosure obligations referred to Senate Committee

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