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

Senator DAVID POCOCK (Australian Capital Territory—Independent ACT Whip) (19:49): by leave—Please note my support for sheets 3453 and 3510. The PRESIDENT: I will now deal with the amendment circulated by Senator Tyrrell. The question is that the amendment on sheet 3455 be agreed to.

Senator Tyrrell's circulated amendment— (1) Schedule 7, page 132 (lines 1 to 13), omit the Schedule, substitute: Schedule 7 — Extending instant asset write-off for small business entities Income Tax (Transitional Provisions) Act 1997 1 Section 328-180 (heading) Omit "30 June 2025", substitute "30 June 2030". 2 Subsection 328-180(1) (paragraph (b) of the definition of increased access year ) Omit "30 June 2025", substitute "30 June 2030". 3 Paragraph 328-180(4)(d) Repeal the paragraph, substitute: (d) were a reference to $30,000, if you first acquired the asset at or after the 2015 budget time, and you: (i) first used the asset, for a taxable purpose, on or after 1 July 2023 and on or before 30 June 2030; or (ii) first installed the asset ready for use, for a taxable purpose, on or after 1 July 2023 and on or before 30 June 2030. 4 Paragraph 328-180(5)(e) Repeal the paragraph, substitute: (e) were a reference to $30,000, if the amount is so included at any time: (i) on or after 1 July 2023; and (ii) on or before 30 June 2030. 5 Paragraph 328-180(6)(e) Repeal the paragraph, substitute: (e) were a reference to $30,000, if the amount is so included at any time: (i) on or after 1 July 2023; and (ii) on or before 30 June 2030.