Bill
Tax Laws Amendment (Tax Incentives for Innovation) Bill 2016
passed, as at 2016-05-05. Treasury portfolio.
- Sponsor
- Not recorded
- Portfolio
- Treasury
Recorded stages
Divisions
- Nick McKim by leave—I move: (1) Schedule 1, item 1, page 9 (lines 10 to 25), omit paragraph 360-40(1)(e), substitute: (e) at the test time: (i) the company has at least 100 points under section 360-45; or (ii) all of the following apply to the company: (A) the company is genuinely focussed on developing for commercialisation one or more new, or significantly improved, products, processes, services or marketing or organisational methods; (B) the business relating to those products, processes, services or methods has a high growth potential; (C) the company can demonstrate that it has the potential to be able to successfully scale that business; (D) the company can demonstrate that it has the potential to be able to address a broader than local market, including global markets, through that business; (E) the company can demonstrate that it has the potential to be able to have competitive advantages for that business; or (iii) all of the following apply to the company: (A) the company can demonstrate that it has an economic, social, cultural or environmental mission that is consistent with a public or community benefit; (B) the company reinvests the majority of the profit it makes to fulfil that mission. (2) Schedule 1, item 1, page 9 (line 29), omit "Subparagraphs (1)(e)(i) to (v)", substitute "Sub-subparagraphs (1)(e)(ii)(A) to (E)". I will give a very brief explanation. As I indicated and as the minister has indicated in the second reading, the bill currently proposes two limbs of tests, the early-stage limb and the innovation limb. We are proposing a third limb, the social innovation limb. Just for clarity, this would mean that should this amendment be accepted a company would still need to satisfy the early-stage limb, but it could qualify for the tax incentives contained in this legislation if it satisfied the early-stage limb and the social innovation limb. The social innovation limb the Greens are proposing makes it clear that if the company can demonstrate it — 2016-05-04, Senate: negative, ayes 10, noes 41
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