Bill
Treasury Laws Amendment (2017 Enterprise Incentives No. 1) Bill 2017
passed, as at 2019-03-01. Treasury portfolio.
- Sponsor
- Not recorded
- Portfolio
- Treasury
Recorded stages
- introduced — 2017-03-30
- second reading — 2017-03-30
- second reading — 2017-06-21
- second reading — 2017-06-22
- second reading — 2017-06-22
- third reading — 2017-06-22
- introduced — 2017-06-22
- second reading — 2017-06-22
- second reading — 2018-12-05
- second reading — 2018-12-05
- committee — 2018-12-05
- third reading — 2018-12-05
- other — 2019-02-12
- passed — 2019-02-12
- royal assent — 2019-03-01
Divisions
- The majority voted against an [amendment](https://www.openaustralia.org.au/debate/?id=2017-06-22.22.6) to the usual second reading motion "*that the bill be read a second time*", which means it was unsuccessful. ### Motion text > *That all words after "That" be omitted with a view to substituting the following words:* > > *"The House declines to give this bill a second reading and calls on the Government to explain why it is desperate to legislate additional tax concessions for large businesses while pursuing a $50 billion tax cut for big banks and multinationals."* — 2017-06-22, House of Representatives: negative, ayes 69, noes 78
- 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.* — 2017-06-22, House of Representatives: affirmative, ayes 78, noes 69
Plain-language summary
No machine-written summary in this export.
Sources
em
em supp
billhome
frl act