Coronavirus (COVID-19) updates from the Australian Government

National Innovation and Science Agenda – Increasing access to company losses

This consultation process has now been completed. Submissions available
Date
-
Consultation Type
Exposure Draft

Key Documents

On 7 December 2015, the Government announced a package of measures designed to incentivise and reward innovation as part of its National Innovation and Science Agenda. One of those measures will allow businesses that have changed ownership to access past year tax losses if they satisfy a similar business test. Under the current law, businesses that have changed ownership must satisfy the same business test to access past year tax losses. This measure will encourage entrepreneurship by allowing loss-making businesses to seek out new opportunities to return to profitability.

The Government has developed draft legislation to implement this measure and is now seeking comments on the proposed legislation and the accompanying explanatory memorandum.

Submissions

10 submissions were received for this consultation.

ASBFEO - pdf 714.53 KB
CA ANZ - pdf 168.8 KB
Carrazzo Consulting - pdf 467.2 KB
Gregory Parkin - docx 31.1 KB
KPMG - pdf 133.61 KB
Law Council of Australia - pdf 240.63 KB
MIDA - pdf 662.8 KB
PWC - pdf 178.5 KB
The Franksons Group - pdf 12.08 MB
The Tax Institute - pdf 393.6 KB