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senate vote 2024-03-27#26
Edited by
mackay staff
on
2024-12-28 09:13:56
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Title
Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) Bill 2023 - Committee of the Whole - Medium business entities and increasing asset cost threshold- Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) Bill 2023 - Committee of the Whole - Medium business entities, increasing asset cost threshold
Description
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- The majority voted in favour of [amendments](https://www.openaustralia.org.au/senate/?gid=2024-03-27.203.1) introduced by Victorian Senator [Jane Hume](https://theyvoteforyou.org.au/people/senate/victoria/jane_hume) (Liberal), which means they will now be included in the bill. The amendments related to extending provisions to medium business entities and increasing the asset cost threshold.
- ### Amendment text
- > *(1) Schedule 1, heading, page 4 (line 1), omit "$20,000", substitute "$30,000".*
- >
- > *(2) Schedule 1, heading, page 4 (line 2), omit "small business entities", substitute "small and medium business entities".*
- >
- > *(3) Schedule 1, page 4 (after line 9), after item 2, insert:*
- >
- >> *2A After subsection 328-180(3)*
- >>
- >> *Insert:*
- >>
- >>> *Extension to medium business entities*
- >>>
- >>> *(3A) If you are an entity covered by subsection (3B) for an income year, then for the purposes of doing any of the following:*
- >>>
- >>>> *(a) deducting under subsection 328-180(1) of the Income Tax Assessment Act 1997 a proportion of the adjustable value of a depreciating asset for an income year in circumstances where paragraph (4)(d) of this section applies to you and the asset;*
- >>>>
- >>>> *(b) deducting under subsection 328-180(2) of that Act a proportion of an amount included in the second element of the cost for an asset in circumstances where paragraph (5)(e) of this section applies to you and the amount;*
- >>>>
- >>>> *(c) applying subsection 328-180(3) of that Act to you and an asset in circumstances where:*
- >>>>
- >>>>> *(i) paragraph (5)(e) of this section applies to you and an amount included in the second element of the asset's cost; and*
- >>>>>
- >>>>> *(ii) paragraph (6)(e) of this section applies to you for a deduction for the asset for an income year;*
- >>>>>
- >>>>> *Subdivision 328-D of the Income Tax Assessment Act 1997 applies to you for an income year and the asset as if you were a small business entity for the income year.*
- >>>
- >>> *(3B) An entity is covered by this subsection for an income year if:*
- >>>
- >>>> *(a) the entity is not a small business entity for the income year; and*
- >>>>
- >>>> *(b) the entity would be a small business entity for the income year if:*
- >>>>
- >>>>> *(i) each reference in Subdivision 328-C of the Income Tax Assessment Act 1997 (about what is a small business entity) to $10 million were instead a reference to $50 million; and*
- >>>>>
- >>>>> *(ii) the reference in paragraph 328-110(5)(b) of that Act to a small business entity were instead a reference to an entity covered by this subsection.*
- >
- > *(4) Schedule 1, item 4, page 4 (line 15), omit "$20,000", substitute "$30,000".*
- >
- > *(5) Schedule 1, item 5, page 4 (line 24), omit "$20,000", substitute "$30,000".*
- >
> *(6) Schedule 1, item 6, page 5 (line 1), omit "$20,000", substitute "$30,000".*- > *(6) Schedule 1, item 6, page 5 (line 1), omit "$20,000", substitute "$30,000".*
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senate vote 2024-03-27#26
Edited by
mackay staff
on
2024-12-28 09:13:31
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Title
Bills — Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) Bill 2023; Second Reading- Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) Bill 2023 - Committee of the Whole - Medium business entities and increasing asset cost threshold
Description
<p class="speaker">Andrew McLachlan</p><p>The question now is that the bill be now read a second time.</p>-
- The majority voted in favour of [amendments](https://www.openaustralia.org.au/senate/?gid=2024-03-27.203.1) introduced by Victorian Senator [Jane Hume](https://theyvoteforyou.org.au/people/senate/victoria/jane_hume) (Liberal), which means they will now be included in the bill. The amendments related to extending provisions to medium business entities and increasing the asset cost threshold.
- ### Amendment text
- > *(1) Schedule 1, heading, page 4 (line 1), omit "$20,000", substitute "$30,000".*
- >
- > *(2) Schedule 1, heading, page 4 (line 2), omit "small business entities", substitute "small and medium business entities".*
- >
- > *(3) Schedule 1, page 4 (after line 9), after item 2, insert:*
- >
- >> *2A After subsection 328-180(3)*
- >>
- >> *Insert:*
- >>
- >>> *Extension to medium business entities*
- >>>
- >>> *(3A) If you are an entity covered by subsection (3B) for an income year, then for the purposes of doing any of the following:*
- >>>
- >>>> *(a) deducting under subsection 328-180(1) of the Income Tax Assessment Act 1997 a proportion of the adjustable value of a depreciating asset for an income year in circumstances where paragraph (4)(d) of this section applies to you and the asset;*
- >>>>
- >>>> *(b) deducting under subsection 328-180(2) of that Act a proportion of an amount included in the second element of the cost for an asset in circumstances where paragraph (5)(e) of this section applies to you and the amount;*
- >>>>
- >>>> *(c) applying subsection 328-180(3) of that Act to you and an asset in circumstances where:*
- >>>>
- >>>>> *(i) paragraph (5)(e) of this section applies to you and an amount included in the second element of the asset's cost; and*
- >>>>>
- >>>>> *(ii) paragraph (6)(e) of this section applies to you for a deduction for the asset for an income year;*
- >>>>>
- >>>>> *Subdivision 328-D of the Income Tax Assessment Act 1997 applies to you for an income year and the asset as if you were a small business entity for the income year.*
- >>>
- >>> *(3B) An entity is covered by this subsection for an income year if:*
- >>>
- >>>> *(a) the entity is not a small business entity for the income year; and*
- >>>>
- >>>> *(b) the entity would be a small business entity for the income year if:*
- >>>>
- >>>>> *(i) each reference in Subdivision 328-C of the Income Tax Assessment Act 1997 (about what is a small business entity) to $10 million were instead a reference to $50 million; and*
- >>>>>
- >>>>> *(ii) the reference in paragraph 328-110(5)(b) of that Act to a small business entity were instead a reference to an entity covered by this subsection.*
- >
- > *(4) Schedule 1, item 4, page 4 (line 15), omit "$20,000", substitute "$30,000".*
- >
- > *(5) Schedule 1, item 5, page 4 (line 24), omit "$20,000", substitute "$30,000".*
- >
- > *(6) Schedule 1, item 6, page 5 (line 1), omit "$20,000", substitute "$30,000".*
<p>Question agreed to.</p><p>Bill read a second time.</p><p>The question is that opposition amendments on sheet 2337 be agreed to.</p><p class="italic"> <i>Opposition's circulated amendments—</i></p><p class="italic">SHEET 2337</p><p class="italic">(1) Schedule 1, heading, page 4 (line 1), omit "$20,000", substitute "$30,000".</p><p class="italic">(2) Schedule 1, heading, page 4 (line 2), omit "small business entities", substitute "small and medium business entities".</p><p class="italic">(3) Schedule 1, page 4 (after line 9), after item 2, insert:</p><p class="italic">2A After subsection 328-180(3)</p><p class="italic">Insert:</p><p class="italic"> <i>Extension to medium business entities</i></p><p class="italic">(3A) If you are an entity covered by subsection (3B) for an income year, then for the purposes of doing any of the following:</p><p class="italic">(a) deducting under subsection 328-180(1) of the <i>Income Tax Assessment Act 1997</i> a proportion of the adjustable value of a depreciating asset for an income year in circumstances where paragraph (4)(d) of this section applies to you and the asset;</p><p class="italic">(b) deducting under subsection 328-180(2) of that Act a proportion of an amount included in the second element of the cost for an asset in circumstances where paragraph (5)(e) of this section applies to you and the amount;</p><p class="italic">(c) applying subsection 328-180(3) of that Act to you and an asset in circumstances where:</p><p class="italic">(i) paragraph (5)(e) of this section applies to you and an amount included in the second element of the asset's cost; and</p><p class="italic">(ii) paragraph (6)(e) of this section applies to you for a deduction for the asset for an income year;</p><p class="italic">Subdivision 328-D of the <i>Income Tax Assessment Act 1997</i> applies to you for an income year and the asset as if you were a small business entity for the income year.</p><p class="italic">(3B) An entity is covered by this subsection for an income year if:</p><p class="italic">(a) the entity is not a small business entity for the income year; and</p><p class="italic">(b) the entity would be a small business entity for the income year if:</p><p class="italic">(i) each reference in Subdivision 328-C of the <i>Income Tax Assessment Act 1997</i> (about what is a small business entity) to $10 million were instead a reference to $50 million; and</p><p class="italic">(ii) the reference in paragraph 328-110(5)(b) of that Act to a small business entity were instead a reference to an entity covered by this subsection.</p><p class="italic">(4) Schedule 1, item 4, page 4 (line 15), omit "$20,000", substitute "$30,000".</p><p class="italic">(5) Schedule 1, item 5, page 4 (line 24), omit "$20,000", substitute "$30,000".</p><p class="italic">(6) Schedule 1, item 6, page 5 (line 1), omit "$20,000", substitute "$30,000".</p><p></p><p></p> -
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