Australia: Government response to committee recommendations to enhance instant asset write-off legislation
Government does not support proposed enhancements.
The government released its response to the Senate Economics Committee's inquiry on the 2023 instant asset write-off and small business energy incentive legislation.
The legislation (Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) Act 2023) was passed by the Parliament on June 25, 2024 and received Royal Assent on June 28, 2024.
In its response, the government outlines why it does not support the Coalition Senators' recommendation to increase the instant asset write-off threshold and the Australian Greens' recommendation to extend the small business energy incentive to three financial years and include solar panels into the scheme.