Independent review – The Treasury
In the 2017-18 Budget, the Government announced that it would extend the $20,000 instant asset write-off by 12 months to 30 June 2018 for small businesses with aggregated annual turnover less than $10 million.
The Treasury Laws Amendment (Accelerated Depreciation for Small Business Entities) Bill 2017 was introduced on 25 May 2017.
The Bill amends the Income Tax Assessment Act 1997, the Income Tax (Transitional Provisions) Act 1997 and the Tax Laws Amendment (Small Business Measures No. 2) Act 2015 to implement the 2017-18 Budget announcement.
An independent review was prepared and certified by the Treasury as meeting the standards of a RIS. The Office of Best Practice Regulation (OBPR) does not assess the quality of independent reviews.
The independent review estimates that the measure will reduce regulatory costs on small businesses by a total of $2.4 million. The OBPR agreed to this estimate.