{"id":984,"date":"2016-04-11T22:37:27","date_gmt":"2016-04-11T22:37:27","guid":{"rendered":"http:\/\/ausgrant.com.au\/?p=984"},"modified":"2016-04-11T22:37:27","modified_gmt":"2016-04-11T22:37:27","slug":"government-seeks-to-overhaul-tax-loss-rules","status":"publish","type":"post","link":"https:\/\/ausgrant.com\/au\/government-seeks-to-overhaul-tax-loss-rules\/","title":{"rendered":"Government Seeks to Overhaul Tax Loss Rules"},"content":{"rendered":"<p><a href=\"http:\/\/ausgrant.com.au\/wp-content\/uploads\/2016\/04\/bigstock-Tax-Wooden-Blocks-On-Mallet-In-116961170-300x200-1.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"  wp-image-985 alignleft\" src=\"https:\/\/ausgrant.com.au\/wp-content\/uploads\/2016\/04\/bigstock-Tax-Wooden-Blocks-On-Mallet-In-116961170-300x200-1-300x200.jpg\" alt=\"\" width=\"240\" height=\"160\" \/><\/a>The Federal government has released draft legislation centred on providing companies with access to past year tax losses to reduce taxable income, in a bid to incentivise and reward innovation.<\/p>\n<p>The\u00a0<a href=\"http:\/\/www.treasury.gov.au\/~\/media\/Treasury\/Consultations%20and%20Reviews\/Consultations\/2016\/NISA%20Increasing%20access%20to%20company%20losses\/Key%20Documents\/PDF\/EM_NISA_access_tolosses.ashx\">Exposure Draft Bill [PDF]<\/a>\u00a0contains proposed amendments to the\u00a0<em>Income Tax Assessment Act 1997<\/em>\u00a0and the\u00a0<em>Income Tax Assessment Act <\/em><em>1936, <\/em>in order to improve companies\u2019 access to previous losses in claiming a reduction for taxable income despite a changed ownership.<\/p>\n<p>Under the current regulations, businesses that have changed ownership must satisfy the &#8216;same business test&#8217; to access past year tax losses &#8211; a process the government branded as obstructive and stifling innovation in the economy.<\/p>\n<p>Rather, the\u00a0draft legislation suggests &#8220;same business test&#8221; be exchanged for a &#8220;similar business test&#8221; for the purpose of determining whether a company&#8217;s tax losses from previous income years can be utilised. \u00a0In effect, the new amendments intend to remove the \u201cno new transactions or business activities\u201d aspect of the same business test. The draft legislation describes that a company will pass the similar business test if its current business is a similar business to its previous business. This will depend on the extent to which the company produces assessable income from the same assets and sources, and whether any changes to the business are changes that would realistically be expected to have been made to a similarly placed business.<\/p>\n<p>The legislation draft forms part of the government&#8217;s <a href=\"http:\/\/ausgrant.com.au\/the-innovation-statements-impact-on-tax\/\" target=\"_blank\">Innovation and Science Agenda<\/a>\u00a0it unveiled in December. Ultimately, the new measures proposed aim to encourage entrepreneurship by allowing loss making companies to &#8216;pivot&#8217; and seek out new opportunities to return to profitability. These proposed changes, coupled with the new tax incentives for start-ups and investors and the existing R&amp;D Tax Incentive, reveals that the innovative environment in Australia is indeed growing.<\/p>\n<p><a href=\"http:\/\/ausgrant.com.au\/contact-us\/\">Contact Ausgrant<\/a>\u00a0today if you would like more information about the R&amp;D Tax Incentive and if your company qualifies.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Federal government has released draft legislation centred on providing companies with access to past year tax losses to reduce <a href=\"https:\/\/ausgrant.com\/au\/government-seeks-to-overhaul-tax-loss-rules\/\" style=\"float:right; padding-bottom:10px;\"><br \/><\/a><\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-984","post","type-post","status-publish","format-standard","hentry","category-latest-news"],"aioseo_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - 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