Treasury Laws Amendment (Increasing and Extending the Instant Asset Write-Off) Bill 2019

Previous Citations
  • Treasury Laws Amendment (Increasing the Instant Asset Write-Off for Small Business Entities) Bill 2019
Type
Government
Portfolio
Treasury
Originating house
House of Representatives
Status
Act
Parliament no
45

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Summary

Amends the Income Tax Assessment Act 1997 and Income Tax (Transitional Provisions) Act 1997 to: extend by 12 months to 30 June 2020 the period during which small business entities can access expanded accelerated depreciation rules (instant asset write-off); and increase the threshold below which amounts can be immediately deducted under the rules from $20 000 to $25 000 from 29 January 2019 until 30 June 2020.

Progress

House of Representatives
Introduced and read a first time 13 Feb 2019
Second reading moved 13 Feb 2019
Second reading debate 19 Feb 2019
Second reading debate 02 Apr 2019
Second reading agreed to 02 Apr 2019
Third reading agreed to 02 Apr 2019
Senate
Introduced and read a first time 03 Apr 2019
Second reading moved 03 Apr 2019
Second reading debate 03 Apr 2019
Committee of the Whole debate
  • Amendment details: 18 Government agreed to
03 Apr 2019
Third reading agreed to 03 Apr 2019
House of Representatives
Consideration of Senate message
  • Details: House agreed to Senate amendments
04 Apr 2019
Finally passed both Houses 04 Apr 2019
Assent
  • Act no: 51
  • Year: 2019
06 Apr 2019

Documents and transcripts

Text of bill

Explanatory memoranda

Proposed amendments

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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