Treasury Laws Amendment (A Tax Plan for the COVID-19 Economic Recovery) Act 2020 (92 of 2020)

Schedule 3   Increasing small business entity turnover threshold for certain concessions

Part 2   Application of amendments

40   Application of amendments

Simplified accounting methods for small enterprise entities

(1) The amendments made by this Schedule of the A New Tax System (Goods and Services Tax) Act 1999 apply in relation to working out whether an entity is a small enterprise entity at or after the start of 1 July 2021.

Customs concession

(2) The amendments made by this Schedule of the Customs Act 1901 apply in relation to applications made under subsection 69(1) of that Act on or after 1 July 2021.

Excise concession

(3) The amendments made by this Schedule of the Excise Act 1901 apply in relation to applications made under subsection 61C(1) of that Act on or after 1 July 2021.

Exempt fringe benefits

(4) The amendments made by this Schedule of the Fringe Benefits Tax Assessment Act 1986 apply in relation to benefits provided on or after 1 April 2021.

Immediate deduction for certain prepaid expenditure

(5) The amendments made by this Schedule of sections 82KZM to 82KZMD of the Income Tax Assessment Act 1936 apply in relation to expenditure incurred on or after 1 July 2020.

Amendments of assessments

(6) The amendments made by this Schedule of section 170 of the Income Tax Assessment Act 1936 apply in relation to assessments for income years starting on or after 1 July 2021.

Immediate deduction for certain start-up expenses

(7) The amendments made by this Schedule of section 40-880 of the Income Tax Assessment Act 1997 apply in relation to capital expenditure incurred on or after 1 July 2020.

Simplified trading stock rules

(8) The amendments made by this Schedule of Subdivision 328-E of the Income Tax Assessment Act 1997 apply in relation to income years starting on or after 1 July 2021.

PAYG instalments based on GDP-adjusted notional tax

(9) The amendments made by this Schedule of section 45-130 in Schedule 1 to the Taxation Administration Act 1953 apply in relation to income years starting on or after 1 July 2021.