The Tax Laws Amendment (Stronger, Fairer, Simpler and Other Measures) Bill 2011 has been introduced in the House of Representatives. It includes the following amendments:
- increase the small business instant asset write-off threshold from $1000 to $6500, and consolidate the long-life small business pool and the general small business pool into a single pool to be written off at one rate of 30 per cent
- allow small business entities (annual turnover less than $2 million) to claim an accelerated initial deduction for motor vehicles acquired in the 2012–13 and subsequent income years. Purchase of a motor vehicle costing $6500 or more from the 2012–13 year will be able to be immediately written off up to $5000
- amend the Superannuation (Government Co-Contribution for Low Income Earners) Act 2003 to provide for a maximum $500 low-income superannuation contribution
- repeal the 25 per cent entrepreneurs’ tax offset