- Date
-
13 Sep 2023
- Chamber
-
House of Representatives
- Status
-
Act
-
Portfolio
-
Treasury
- 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.