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representatives vote 2017-06-22#2
Edited by
mackay staff
on
2023-11-24 13:14:40
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Title
Treasury Laws Amendment (2017 Enterprise Incentives No. 1) Bill 2017 - Second Reading - agree with the bill's main idea- Treasury Laws Amendment (2017 Enterprise Incentives No. 1) Bill 2017 - Second Reading - Agree with the bill's main idea
Description
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representatives vote 2017-06-22#2
Edited by
mackay staff
on
2023-11-24 13:12:07
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Title
Bills — Treasury Laws Amendment (2017 Enterprise Incentives No. 1) Bill 2017; Second Reading- Treasury Laws Amendment (2017 Enterprise Incentives No. 1) Bill 2017 - Second Reading - agree with the bill's main idea
Description
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- The majority voted in favour of a [motion](https://www.openaustralia.org.au/debate/?id=2017-06-22.24.1) to agree with the main idea of the bill. In parliamentary jargon, they voted to read the bill for a second time. This means they can now consider the bill in greater detail.
- ### What is the main idea of the bill?
- According to the [bills digest](https://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/bd/bd1718a/18bd039):
- > *The purpose of the Treasury Laws Amendment (2017 Enterprise Incentives No. 1) Bill 2017 (the Bill) is to amend the Income Tax Assessment Act 1997 (the ITAA 1997) and the Income Tax Assessment Act 1936 (the ITAA 1936) to:*
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- > * *improve access to previous year tax losses for companies and listed widely held trusts by introducing a ‘similar business test’ that will allow those that have changed ownership but conduct substantially the same business after that change of ownership, to access those tax losses (which the application of the existing ‘same business test’ would prevent) and*
> * *provide taxpayers with the choice to self-assess the effective life of certain intangible depreciating assets (such as patents, in-house software, registered designs and certain copyrights and licences) that they start to hold on or after 1 July 2016, rather than using the existing specified statutory effective life.*- > * *provide taxpayers with the choice to self-assess the effective life of certain intangible depreciating assets (such as patents, in-house software, registered designs and certain copyrights and licences) that they start to hold on or after 1 July 2016, rather than using the existing specified statutory effective life.*
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representatives vote 2017-06-22#2
Edited by
mackay staff
on
2023-11-24 13:11:41
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Title
Description
<p class="speaker">Tony Smith</p><p>The question now is that this bill be read a second time.</p>-
- The majority voted in favour of a [motion](https://www.openaustralia.org.au/debate/?id=2017-06-22.24.1) to agree with the main idea of the bill. In parliamentary jargon, they voted to read the bill for a second time. This means they can now consider the bill in greater detail.
- ### What is the main idea of the bill?
- According to the [bills digest](https://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/bd/bd1718a/18bd039):
- > *The purpose of the Treasury Laws Amendment (2017 Enterprise Incentives No. 1) Bill 2017 (the Bill) is to amend the Income Tax Assessment Act 1997 (the ITAA 1997) and the Income Tax Assessment Act 1936 (the ITAA 1936) to:*
- >
- > * *improve access to previous year tax losses for companies and listed widely held trusts by introducing a ‘similar business test’ that will allow those that have changed ownership but conduct substantially the same business after that change of ownership, to access those tax losses (which the application of the existing ‘same business test’ would prevent) and*
- > * *provide taxpayers with the choice to self-assess the effective life of certain intangible depreciating assets (such as patents, in-house software, registered designs and certain copyrights and licences) that they start to hold on or after 1 July 2016, rather than using the existing specified statutory effective life.*
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