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Bill
- Schedule 1—é20,000 instant asset write-off for small business entities
- Schedule 2—Small business energy incentive
- Schedule 3—New class of deductible gift recipients
- Schedule 4—Deductible gift recipients—specific listings
- Schedule 5—Exemption for Global Infrastructure Hub Ltd
- Schedule 6—Income tax amendments for updates to accounting standards for general insurance contracts
- Schedule 7—Non-arm’s length expenses of superannuation funds
- Schedule 8—AFCA scheme
2022-2023
The Parliament of the
Commonwealth of Australia
Presented and read a first time
Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) Bill 2023
No. , 2023
(Treasury)
Contents
1............ Short title............................................................................................ 1
2............ Commencement.................................................................................. 1
3............ Schedules............................................................................................ 3
Schedule 1—é20,000 instant asset write-off for small business entities 4
Income Tax (Transitional Provisions) Act 1997 4
Schedule 2—Small business energy incentive 6
Income Tax (Transitional Provisions) Act 1997 6
Schedule 3—New class of deductible gift recipients 11
Part 1—Amendment of the Income Tax Assessment Act 1997 11
Income Tax Assessment Act 1997 11
Part 2—Amendment of the Taxation Administration Act 1953 15
Taxation Administration Act 1953 15
Part 3—Other amendments 26
A New Tax System (Australian Business Number) Act 1999 26
Schedule 4—Deductible gift recipients—specific listings 27
Income Tax Assessment Act 1997 27
Schedule 5—Exemption for Global Infrastructure Hub Ltd 28
Income Tax Assessment Act 1997 28
Schedule 6—Income tax amendments for updates to accounting standards for general insurance contracts 29
Part 1—Main amendments 29
Income Tax Assessment Act 1997 29
Part 2—Other amendments 34
Income Tax Assessment Act 1997 34
Part 3—Application and transitional provisions 37
Schedule 7—Non-arm’s length expenses of superannuation funds 42
Income Tax Assessment Act 1997 42
Schedule 8—AFCA scheme 46
Part 1—Main amendments 46
Corporations Act 2001 46
Part 2—Application provision 48
Corporations Act 2001 48
Part 3—Other amendments 49
Treasury Laws Amendment (2023 Law Improvement Package No. 1) Act 2023 49
A Bill for an Act to amend the law relating to taxation, financial services and corporations, and for related purposes
The Parliament of Australia enacts:
This Act is the Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) Act 2023 .
(1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.
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Commencement information |
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Column 1 |
Column 2 |
Column 3 |
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Provisions |
Commencement |
Date/Details |
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1. Sections 1 to 3 and anything in this Act not elsewhere covered by this table |
The day this Act receives the Royal Assent. |
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2. Schedules 1 and 2 |
The first 1 January, 1 April, 1 July or 1 October to occur after the day this Act receives the Royal Assent. |
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3. Schedule 3 |
The day after this Act receives the Royal Assent. |
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4. Schedules 4 to 7 |
The first 1 January, 1 April, 1 July or 1 October to occur after the day this Act receives the Royal Assent. |
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5. Schedule 8, item 1 |
The later of: (a) the start of the day after this Act receives the Royal Assent; and (b) immediately after the commencement of item 269 of Schedule 2 to the Treasury Laws Amendment (2023 Law Improvement Package No. 1) Act 2023 . However, the provisions do not commence at all if the event mentioned in paragraph (b) does not occur. |
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6. Schedule 8, item 2 |
The day after this Act receives the Royal Assent. However, the provisions do not commence at all if item 289 of Schedule 2 to the Treasury Laws Amendment (2023 Law Improvement Package No. 1) Act 2023 commences on or before that day. |
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7. Schedule 8, items 3 to 11 |
The day after this Act receives the Royal Assent. |
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8. Schedule 8, Part 3 |
Immediately before the commencement of Schedule 2 to the Treasury Laws Amendment (2023 Law Improvement Package No. 1) Act 2023 . However, the provisions do not commence at all if that event: (a) does not occur; or (b) occurs on or before the day this Act receives the Royal Assent. |
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Note: This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.
(2) Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.
Legislation that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.