25th Jun 2024, 6:14 PM – Senate Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) Bill 2023 - Consideration of House of Representatives Message - Pass the bill

The majority voted in favour of a motion:

That the Senate does not further insist on its amendments to which the House of Representatives has insisted on disagreeing.

In other words, the majority of senators voted in favour of passing the bill even without the amendments they had previously requested.

What does this bill do?

According to the bill homepage, the bill:

Amends the:

• Income Tax (Transitional Provisions) Act 1997 to: increase the instant asset write-off threshold from $1,000 to $20,000 for the 2023-24 financial year; and provide small and medium businesses with access to a bonus tax deduction for the 2023-24 financial year relating to electrification and more efficient energy use;

• Income Tax Assessment Act 1997, Taxation Administration Act 1953 and A New Tax System (Australian Business Number) Act 1999 to facilitate certain community charities achieving deductible gift recipient status;

• Income Tax Assessment Act 1997 to: include two new entities on the list of deductible gift recipients and extend the listing for two other entities; extend the Global Infrastructure Hub’s income tax exemption for an additional year; broadly align existing tax requirements with a new accounting standard for insurance contracts; and amend the rules for non-arm’s length expenses for superannuation entities;

• Corporations Act 2001 to reinstate the Australian Financial Complaint Authority’s jurisdiction to hear certain complaints relating to superannuation; and

• Treasury Laws Amendment (2023 Law Improvement Package No. 1) Act 2023 to make contingent amendments.