Supplementary Explanatory Memorandum
(Circulated by authority of the Treasurer, the Hon Josh Frydenberg MP)Chapter 2 Statement of Compatibility with Human Rights
Prepared in accordance with Part 3 of the Human Rights (Parliamentary Scrutiny) Act 2011
Amendments to Treasury Laws Amendment (Increasing the Instant Asset Write-Off for Small Business Entities) Bill 2019
2.1 The amendments to the Bill are compatible with the human rights and freedoms recognised or declared in the international instruments listed in section 3 of the Human Rights (Parliamentary Scrutiny) Act 2011.
Overview
2.2 The amendments to the Bill:
- •
- increase the threshold below which small business entities can access an immediate deduction for depreciating assets and certain related expenditure (instant asset write-off) from $25,000 to $30,000; and
- •
- enable businesses with aggregated turnover of $10 million or more but less than $50 million to access instant asset write-off for depreciating assets and certain related expenditure costing less than $30,000.
2.3 The amendments to the Bill complement the existing instant asset write-off for small business entities. The instant asset write-off is currently available until 30 June 2019, and the Bill extends its operation until 30 June 2020.
2.4 The amendments apply from 7.30 pm by legal time in the Australian Capital Territory on 2 April 2019 until 30 June 2020. They are intended to provide a further boost to business activity and investment.
Human rights implications
2.5 These amendments do not engage any of the applicable rights or freedoms.
Conclusion
2.6 These amendments are compatible with human rights as they do not raise any human rights issues.