30 Mar 2017
House of Representatives
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.