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🏛 House of Representatives3 readingsAmendments circulated
Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) 2023
✦ Plain-English Summary
# Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) 2023
## What it does
This bill makes several tax changes to support small businesses and charities. The main ones are: letting small businesses immediately deduct up to $20,000 spent on equipment or assets, introducing an energy cost rebate for small businesses, expanding which charities can receive tax-deductible donations, and updating some technical tax rules for insurance companies and superannuation funds.
## Why it matters
Small businesses get faster access to tax breaks when they invest in equipment, which puts money back in their pocket sooner. Charities can now attract more donations through new tax deductibility rules, and a new energy incentive helps small businesses manage power costs—something that directly affects their bottom line.
## Key details
- **$20,000 instant asset write-off**: Small businesses can claim the full deduction immediately instead of spreading it over several years
- **New charities eligible**: The bill creates a new category of "deductible gift recipients" so more non-profit organisations can offer tax deductions to donors
- **Energy incentive**: Small businesses get a tax concession to offset energy expenses (details on eligibility and rates are in Schedule 2)
- **Commencement**: Most provisions kick in on the next quarter date (1 January, April, July, or October) after the bill passes, giving businesses time to prepare
Official Description
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.
Committee Referrals
Senate Economics Legislation Committee; Senate Standing Committee for the Scrutiny of Bills
Audit History
Last updated on APH
10 Apr 2026
Last checked by Crossbench
yesterday
Full text indexed
yesterday
How Parliament Voted
Senate28 Nov 2024
Treasury Laws Amendment (Fairer for Families and Farmers and Other Measures) Bill 2024 - Third Reading - Pass the bill
Senate28 Nov 2024
Treasury Laws Amendment (Fairer for Families and Farmers and Other Measures) Bill 2024 - Third Reading - Suspend the usual rules
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