Australia’s House of Representatives dismissed the Senate’s amendments to the Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) Bill 2023.
This bill intends to raise the instant asset write-off threshold from AUD 20,000 to AUD 30,000 for businesses generating under AUD 50 million in revenue.
The legislation aims to alleviate the income tax compliance burden on the general insurance industry by addressing the misalignment between the income tax law and the new AASB 17 standards.
