Treasury Laws Amendment (Tax Incentives and Integrity) Bill 2024

Stage by Stage

Summaries in reported speech - not a transcript. In date order, both chambers.

1. Tuesday 4 February 2025 · House of Representatives

   Reference to Federation Chamber
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2. Tuesday 4 February 2025 · House of Representatives

   Second Reading

   Luke Howarth moved an amendment to reject the bill, arguing it represented an attack on small businesses through increased taxation and reduced incentives. He opposed changes to the luxury car tax, the removal of deductibility for general interest charges, and the limitation of the instant asset write-off, while supporting measures to combat GST fraud. Howarth claimed the government's policies had led to record business insolvencies and rising energy costs, characterising the bill as a revenue grab ahead of an election.

   Outcome: The amendment moved by Luke Howarth was not recorded as passed in the provided transcript segment, which contains only the speech.

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3. Thursday 6 February 2025 · House of Representatives

   Second Reading

   The debate centred on four schedules within the omnibus bill, including changes to luxury car tax thresholds, the removal of tax deductibility for ATO interest charges, an extension of the ATO notification period for refunds, and the extension of the instant asset write-off. While the Greens supported the bill for its environmental and equity measures, independent members and the opposition criticised the impact of removing interest deductions on small businesses and argued that the luxury car tax reforms were insufficient. Several members called for higher thresholds for the instant asset write-off and greater certainty for small business owners.

   Outcome: The bill was debated at second reading; no final passage result was stated in the provided transcript.

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4. Monday 10 February 2025 · House of Representatives

   Consideration in Detail

   The debate centred on government amendments to extend the $20,000 instant asset write-off for small businesses to 30 June 2025. The Opposition moved amendments to increase the threshold to $30,000, make it permanent, and remove provisions denying deductions for general and shortfall interest charges, arguing these measures supported struggling small businesses. Independent member Zali Steggall proposed increasing the threshold to $50,000 to better reflect current costs and industry recommendations, a position supported by the Greens. Independent Monique Ryan raised concerns about luxury vehicle tax exemptions being used for non-commercial purposes. The government amendments were passed, while the Opposition and Independent amendments were defeated.

   Outcome: The government amendments were passed, while the opposition amendments and the independent amendment to increase the threshold to $50,000 were defeated.

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5. Monday 10 February 2025 · House of Representatives

   Report from Federation Chamber
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6. Wednesday 26 March 2025 · House of Representatives

   Consideration in Detail
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7. Wednesday 26 March 2025 · House of Representatives

   Third Reading
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8. Wednesday 26 March 2025 · Senate

   Bill Debate
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