Tax Bill passed
Parliament has passed the Taxation (Annual Rates for 2020–21, Feasibility Expenditure, and Remedial Matters) Bill. The Bill includes measures to:
- allow businesses to claim greater deductions for feasibility expenditure
- loosen the loss continuity rules
- extend the bright-line test, and
- require consistent allocation of the purchase price of property in an asset sale.
The Bill now awaits Royal assent.