10th Feb 2025, 6:13 PM – Representatives Treasury Laws Amendment (Tax Incentives and Integrity) Bill 2024 - Consideration in Detail - Making the instant asset write-off permanent

The majority voted against amendments introduced by Warringah MP Zali Steggall (Independent). These would have amended the text of the original government amendment (2).

Amendment text

(1) Amendment (2), omit “$20,000”, substitute “$50,000”.

(2) Amendment (2), items 1 to 2, omit the items, substitute:

1 Section 328-180 (heading)

Omit “ to 30 June 2024 ”.

2 Subsection 328-180(1) (definition of increased access year )

Repeal the definition, substitute:

increased access year : an income year is an increased access year if any day in the year occurs on or after 12 May 2015.

(3) Amendment (2), after item 2, insert:

2A Paragraph 328-180(4)(d)

Omit “$20,000”, substitute “$50,000”.

(4) Amendment (2), omit item 3, substitute:

3 Paragraph 328-180(4)(d)

Omit “and on or before 30 June 2024” (wherever occurring).

(5) Amendment (2), after item 3, insert:

3A Paragraphs 328-180(5)(e) and (6)(e)

Omit “$20,000”, substitute “$50,000”.

(6) Amendment (2), omit item 4, substitute:

4 Paragraph 328-180(5)(e)

Omit all the words after “if the amount”, substitute “is so included at any time on or after 1 July 2023.”.

5 Paragraph 328-180(6)(e)

Omit all the words after “for an income year”, substitute “that ends on or after 1 July 2023.”.

Original amendment (2) text

(2) Page 6 (after line 25), at the end of the Bill, add:

Schedule 4 — $20,000 instant asset write-off for small business entities

Income Tax (Transitional Provisions) Act 1997

1 Section 328-180 (heading)

Omit “ 30 June 2024 ”, substitute “ 30 June 2025 ”.

2 Subsection 328-180(1) (paragraph (b) of the definition of increased access year)

Omit “30 June 2024”, substitute “30 June 2025”.

3 Paragraph 328-180(4)(d)

Omit “30 June 2024” (wherever occurring), substitute “30 June 2025”.

4 Subparagraphs 328-180(5)(e)(ii) and (6)(e)(ii)

Omit “30 June 2024”, substitute “30 June 2025”.