- Date
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02 Nov 2011
- Chamber
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House of Representatives
- Status
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Act
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Portfolio
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Treasury
- Summary
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Part of a package of 11 bills, the bill amends the:
Income Tax Assessment Act 1997
, Income Tax (Transitional Provisions) Act 1997
and Taxation Administration Act 1953
to abolish the entrepreneurs’ tax offset; Income Tax Assessment Act 1997
and Income Tax (Transitional Provisions) Act 1997
to: increase the small business instant asset write-off threshold to $6500; and consolidate the long life small business pool and the general small business pool into a single pool to be written off at one rate; Income Tax Assessment Act 1997
to enable small business entities to claim an accelerated initial deduction for motor vehicles acquired in the 2012-13 and subsequent financial years; and Superannuation (Government Co-contribution for Low Income Earners) Act 2003
to enable eligible low income earners to receive the low income superannuation contribution.