Future Made in Australia (Production Tax Credits and Other Measures) Bill 2024
The bill that creates the Hydrogen Production Tax Incentive and the Critical Minerals Production Tax Incentive has successfully passed both Houses and has received Royal Assent.
Update on the Instant Asset Write-Off Threshold
The proposed increase of the instant asset write-off threshold to $20,000 for the 2024-25 income year has not yet become law.
These amendments were initially included in the Treasury Laws Amendment (Responsible Buy Now Pay Later and Other Measures) Bill 2024, which passed through Parliament in November 2024. However, the section containing these specific rules was removed from the Bill at the last moment.
Currently, the amendments have been reinserted as Schedule 4 of the Treasury Laws Amendment (Tax Incentives and Integrity) Bill 2024, but this Bill has not yet passed through Parliament. Additionally, several proposals have been made to either make the $20,000 threshold permanent or increase it to a higher amount.
As it stands, the instant asset write-off threshold for the 2024-25 income year remains at $1,000.