13 Jun 077 Small Business Bill 2007 passed by SenateOn 13 June 2007, the Senate passed Tax Laws Amendment (Small Business) Bill 2007 without amendment. The Bill was introduced into Parliament on 10 May 2007: see 2007 TAXVINE No 18 (13) (11 May 2007). It was passed by the House of Representatives on 28 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 Bill now awaits Royal Assent.