To be, or not to be…
Despite parliament having been dissolved ahead of the 2019 federal election, a number of Bills managed to scrape through and have now become Acts (legislation) before this occurred.
We take a closer look at the details of several of these pertaining to business taxation. Also, given the recent election (and the possibility of change), we provide context around who introduced them into parliament.
Treasury Laws Amendment (Increasing and Extending the Instant Asset Write-Off) Bill 2019
In summary, this:
- increases the threshold below which small business entities (with an aggregated annual turnover of less than $10 million) can access an immediate deduction for depreciating assets and certain related expenditure (instant asset write-off) from $25,000 to $30,000
- enables medium-sized businesses (with an aggregated annual turnover of $10 million or more, but less than $50 million) to access instant asset write-off for depreciating assets and certain related expenditure costing less than $30,000
Please note: This applies from 7.30pm (AEDT) on 2 April 2019 to 30 June 2020.
For context, this was introduced into Parliament by the Treasury portfolio (Government) on 13 February 2019 and received royal assent on 6 April 2019.