Treasury Laws Amendment (2017 Enterprise Incentives No. 1) Bill 2017

Type
Government
Portfolio
Treasury
Originating house
House of Representatives
Status
Before Senate
Parliament no
45

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Summary

Amends the: Income Tax Assessment Act 1936 and Income Tax Assessment Act 1997 to: supplement the ‘same business test’ with a ‘similar business test’ for the purposes of working out whether a company’s tax losses and net capital losses from previous income years can be used as a tax deduction in a current income year; and make consequential amendments; and Income Tax Assessment Act 1997 to provide taxpayers with the choice to self-assess the effective life of certain intangible depreciating assets they start to hold on or after 1 July 2016.

Progress

House of Representatives
Introduced and read a first time 30 Mar 2017
Second reading moved 30 Mar 2017
Second reading debate 21 Jun 2017
Second reading debate 22 Jun 2017
Second reading agreed to 22 Jun 2017
Third reading agreed to 22 Jun 2017
Senate
Introduced and read a first time 22 Jun 2017
(After Midnight)
Second reading moved 22 Jun 2017
(After Midnight)

Documents and transcripts

Text of bill

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Explanatory memoranda

Word Format PDF Format HTML Format

Proposed amendments

No proposed amendments have been circulated.

Schedules of amendments

No documents at present

Helpful information

Text of bill

  • First reading: Text of the bill as introduced into the Parliament
  • Third reading: Prepared if the bill is amended by the house in which it was introduced. This version of the bill is then considered by the second house.
  • As passed by both houses: Final text of bill agreed to by both the House of Representatives and the Senate which is presented to the Governor-General for assent.

Explanatory memoranda

  • Explanatory memorandum: Accompanies and provides an explanation of the content of the introduced version (first reading) of the bill.
  • Supplementary explanatory memorandum: Accompanies and explains amendments proposed by the government to the bill.
  • Revised explanatory memorandum: Accompanies and explains the amended version (third reading) of the bill. It supersedes the explanatory memorandum.

Proposed amendments

Circulated by members and senators when they propose to make changes to the bill. For details about the outcome of proposed amendments please refer to either the Votes and Proceedings (House of Representatives) or the Journals (Senate).

Schedules of amendments

Schedules of amendments list amendments agreed to by the second house are communicated to the first house for consideration. Subsequent action by either house may also be included in a schedule.