29 May 07 Small Business Bill 2007 passed by HouseOn 28 May 2007, Tax Laws Amendment (Small Business) Bill 2007 was passed by the House of Representatives without amendment. The Bill was introduced into Parliament on 10 May 2007: see 2007 TAXVINE No 18 (13) (11 May 2007).
The Bill introduces a standard eligibility criterion that applies across the small business tax concessions. Entities that satisfy an aggregated turnover test of $2 million per annum are able to utilise those concessions that meet their business needs (if they also satisfy any additional conditions, not related to the business size, that currently apply to those concessions).
The Bill also implements several 2006-07 Budget announcements:
- the increase in the capital gains tax maximum net assets threshold from $5 million to $6 million;
- the extension of the roll-over relief available under the uniform capital allowance system to small business entities;
- an increase in the simplified tax system (STS) turnover threshold from $1 million to $2 million;
- the removal of the $3 million depreciating assets test from the STS eligibility requirements; and
- an increase in the GST cash accounting turnover threshold from $1 million to $2 million.
The Bill now proceeds to the Senate.