Treasury Laws Amendment (Strengthening Financial Systems and Other Measures) Bill 2025

The majority voted against amendments introduced by Warringah MP Zali Steggall (Independent), which means they failed.

Amendment text

(2) Schedule 7, page 132 (line 1) to page 132 (line 13), omit the Schedule, substitute:

Schedule 7 — instant asset write-off for small business entities

Income Tax (Transitional Provisions) Act 1997

1 Section 328-180 (heading)

Omit "to 30 June 2025".

2 Subsection 328-180(1) (definition of increased access year )

Repeal the definition, substitute:

increased access year: an income year is an increased access year if any day of the year occurs on or after 12 May 2015.

3 Subsection 328-180(4)

Omit "Temporary increase", substitute "Increase".

4 Paragraph 328-180(4)(d)

Omit "$20,000", substitute "50,000".

5 Paragraph 328-180(4)(d)

Omit "and on or before 30 June 2025" (wherever occurring).

6 Paragraph 328-180(5)(e)

Repeal the paragraph, substitute:

(e) were a reference to $50,000, if the amount is so included at any time on or after 1 July 2023.

7 Paragraph 328-180(6)(e)

Repeal the paragraph, substitute:

(e) were a reference to $50,000, in relation to a deduction for an income year that ends on or after 1 July 2023.