Second Reading Speeches

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

Type
Government
Portfolio
Treasury
Originating house
House of Representatives
Status
Act
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.