Treasury Laws Amendment (Tax Reform No. 2) Act 2026 (71 of 2026)

Schedule 2   $20,000 instant asset write-off for small business entities

Income Tax (Transitional Provisions) Act 1997

18   Subsection 328-180(1)

Insert:

threshold change day means the day on which Schedule 2 to the Treasury Laws Amendment (Tax Reform No. 2) Act 2026 commences.

Note: The Schedule amends certain thresholds in Subdivision 328-D of the Income Tax Assessment Act 1997 from $1,000 to $20,000 in relation to, at a general level, matters on or after 1 July 2026. The $1,000 amount is still relevant to the earlier (temporary) increases to those thresholds in this Division.