Small Business and Charities Measures Bill 2023 passed

The Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) Bill 2023 passed(as Act No. 52):

• $20,000 instant asset write-off – for small businesses for the 2024 and 2025 tax years.
• Small business energy incentive – provides small and medium businesses with a bonus deduction of 20% of the cost of eligible assets or improvements to existing assets that support electrification or more efficient energy use for the 2024 tax year only.
• Income tax changes to account for updates – amends the income tax law regarding general insurance to provide broad alignment with AASB 17.
• Super fund non-arm’s length expenses – enacts changes to the rules for non-arm’s length expenses (NALE) for superannuation entities.
• Amendments to AFCA legislation to correct MetLife – restores AFCA’s jurisdiction to deal with superannuation-related complaints.