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senate vote 2024-05-16#43
Edited by
mackay staff
on
2024-09-08 18:14:51
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Title
Bills — Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) Bill 2023; Consideration of House of Representatives Message- Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) Bill 2023 - Consideration of House of Representatives Message - Increasing asset cost threshold; extending to medium business entities
Description
<p class="speaker">Sue Lines</p><p>Pursuant to the order agreed to earlier today, I am required to put the question that the Senate not insist on its amendment to which the House has disagreed.</p>-
- The majority voted against a [motion](https://www.openaustralia.org.au/senate/?id=2024-05-16.257.1) that the Senate not insist on its [amendment](https://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;query=Id:legislation/billhome/display.w3p;query=Id%3A%22legislation%2Famend%2Fr7081_amend_11526edf-b602-4a8b-a75b-92628794e8da%22;rec=0) to which the House has disagreed. This means the bill and the amendments will go back to the House of Representatives for them to vote on whether they insist on their disagreement or agree to accept the amendments.
- ### 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></p><p></p> -
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