Home       What's New?       Corporate       Business       Published Information       Ministers       Related Websites

Exposure Draft – Small business tax law amendments


Tuesday, 13 September 2011

Content ID:



The Assistant Treasurer has released for public consultation an exposure draft of legislation (and associated explanatory materials) which aims to assist Australia's 2.7 million small businesses by making amendments to the small business depreciation rules, including:

  • increasing the small business instant asset write-off threshold from $1,000 to $6,500;
  • allowing small businesses to write-off all other depreciating assets in a single depreciation pool at a rate of 30 per cent (currently, small businesses allocate assets to two different depreciation pools, with two different depreciation rates (30 per cent and 5 per cent)); and
  • allowing small businesses to claim up to $5,000 for motor vehicles acquired from the 2012-13 income year.

The exposure draft legislation also amends the tax law to abolish the entrepreneurs' tax offset.

All amendments have effect from the 2012-13 income year. These amendments were announced in the Government's response to the Australia's Future Tax System Review, the Clean Energy Future package and the 2011-12 Budget.

Making a submission

Interested parties are invited to comment on the exposure draft. While submissions may be lodged electronically or by post, electronic lodgement is preferred. For accessibility reasons, please submit responses sent via email in a Word or RTF format. An additional PDF version may also be submitted.

All information (including name and address details) contained in submissions will be made available to the public on the Treasury website unless you indicate that you would like all or part of your submission to remain in confidence. Automatically generated confidentiality statements in emails do not suffice for this purpose. Respondents who would like part of their submission to remain in confidence should provide this information marked as such in a separate attachment. Legal requirements, such as those imposed by the Freedom of Information Act 1982, may affect the confidentiality of your submission.

Closing date for submissions: Wednesday, 28 September 2011

Address written submissions to:
General Manager
Business Tax Division
The Treasury
Langton Crescent

Email: Small_business@treasury.gov.au

For enquiries, please call Haydn Daw (02) 6263 2789.

Documents Available:

Acrobat (PDF) documents

 Acrobat (PDF)

Consulation summary  33.19kb
Exposure Draft  56.11kb
Explanatory Memorandum  245.94kb

Microsoft Word (DOC) documents

 Microsoft Word (DOC)

Consulation summary  120.00kb

Microsoft Word (RTF) documents

 Microsoft Word (RTF)

Exposure Draft  2,267.70kb
Explanatory Memorandum  295.71kb

Related Items:

There are no related items available for content item 2147.

Treasury Portfolio Ministers - Link to website MoreSuper  - Link to website Carbon Price Modelling - Link to Website Clean Energy Future  - Link to website Review of compensation arrangements for consumers of financial services - Consultation Paper  - Link to website