Current status of the 30% Investment Tax Break Legislation
The content of this article and all others contained on 30percent.com.au is general and factual in nature. You should not act solely on the content presented on this site as it does not take into consideration your organisation's individual circumstances. Changes to the legislation specific to the 30% Investment Tax break may occur quickly and with that in mind you should discuss any decisions with your qualified accountant or financial advisor. The authors of 30percent.com.au are not responsible for any loss, inconvenience, damage (whether special or consequential) or claims arising out of the use of the information contained on this site. Legislation is not law at time of publishing.
Whilst the Federal Government announced the 30% Investment Tax Break for Small Businesses and General Businesses back on 3 February 2009, the legislation that supports that announcement has yet to pass through the Australian House of Representatives and the Senate to become law.
The fastest way to find out the current status of the Tax Laws Amendment (Small Business and General Business Tax Break) Bill 2009 is to visit the ParlInfo site. You can not only find out the current status of the bill before parliament, but you can also read any documentation regarding its journey towards becoming law.
The current status of the bill (as at 1 May 2009) is that it is currently before the House of Representatives (the originating house). The House of Reps do not sit again until 12 May 2009 – so make sure you check back regularly then – or simply subscribe to our email updates which will let you know once the bill has been passed by both the House of Representatives and the Senate.