Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) Bill 2023

Type
Government
Portfolio
Treasury
Originating house
House of Representatives
Status
Act
Parliament no
47

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Summary

Amends the: Income Tax (Transitional Provisions) Act 1997 to: increase the instant asset write-off threshold from $1,000 to $20,000 for the 2023-24 financial year; and provide small and medium businesses with access to a bonus tax deduction for the 2023-24 financial year relating to electrification and more efficient energy use; Income Tax Assessment Act 1997, Taxation Administration Act 1953 and A New Tax System (Australian Business Number) Act 1999 to facilitate certain community charities achieving deductible gift recipient status; Income Tax Assessment Act 1997 to: 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; and amend the rules for non-arm’s length expenses for superannuation entities; Corporations Act 2001 to reinstate the Australian Financial Complaint Authority’s jurisdiction to hear certain complaints relating to superannuation; and Treasury Laws Amendment (2023 Law Improvement Package No. 1) Act 2023 to make contingent amendments.

Progress

House of Representatives
Introduced and read a first time 13 Sep 2023
Second reading moved 13 Sep 2023
Second reading debate 14 Nov 2023
Referred to Federation Chamber 14 Nov 2023
Second reading debate 15 Nov 2023
Reported from Federation Chamber 27 Nov 2023
Second reading debate 27 Nov 2023
Second reading agreed to 27 Nov 2023
Consideration in detail debate 27 Nov 2023
Third reading agreed to 27 Nov 2023
Senate
Introduced and read a first time 27 Nov 2023
Second reading moved 27 Nov 2023
Second reading agreed to 27 Mar 2024
Third reading agreed to
  • : Amendment details: 6 Opposition agreed to
27 Mar 2024
House of Representatives
Message from Senate reported 14 May 2024
Consideration of Senate message
  • Details: House disagreed to Senate amendments
15 May 2024
Senate
Consideration of House of Reps message
  • Details: Senate insisted on its amendments
16 May 2024
House of Representatives
Consideration of Senate message
  • Details: House insisted on disagreeing to the amendments insisted on by the Senate
28 May 2024
Senate
Consideration of House of Reps message
  • Details: Senate did not again insist on its amendments
25 Jun 2024
Finally passed both Houses 25 Jun 2024
Assent
  • Act no: 52
  • Year: 2024
28 Jun 2024

Documents and transcripts

Text of bill

Explanatory memoranda

Proposed amendments

House of representatives

Senate

Schedules of amendments

Notes

Helpful information

Text of bill

  • First reading: Text of the bill as introduced into the Parliament
  • Third reading: Prepared if the bill is amended by the house in which it was introduced. This version of the bill is then considered by the second house.
  • As passed by both houses: Final text of bill agreed to by both the House of Representatives and the Senate which is presented to the Governor-General for assent.

Explanatory memoranda

  • Explanatory memorandum: Accompanies and provides an explanation of the content of the introduced version (first reading) of the bill.
  • Supplementary explanatory memorandum: Accompanies and explains amendments proposed by the government to the bill.
  • Revised explanatory memorandum: Accompanies and explains the amended version (third reading) of the bill. It supersedes the explanatory memorandum.

Proposed amendments

Circulated by members and senators when they propose to make changes to the bill. For details about the outcome of proposed amendments please refer to either the Votes and Proceedings (House of Representatives) or the Journals (Senate).

Schedules of amendments

Schedules of amendments list amendments agreed to by the second house are communicated to the first house for consideration. Subsequent action by either house may also be included in a schedule.

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