Innovation Agenda: Easier access to company losses – draft legislation adding a ‘similar’ business test to the ‘same business test’ to satisfy a ‘business continuity test’
On 6 April 2016, the Government has released a draft of the Tax and Superannuation Laws Amendment (2016 National Innovation and Science Agenda) Bill 2016, to implement its December 2015 Innovation Agenda measure to allow increased access to company tax losses. On 7 December 2015, the Government announced a package of measures designed to incentivise and reward innovation as part of its…