The Australian Industry Group (Ai Group) says it does not support the repeal of the company loss carry-back measures nor the winding back of the small business asset write-off threshold as proposed in the draft mining tax repeal Bills. In its submission on the draft Bills, Ai Group says it is of the view that, while retaining the loss carry-back provisions and the current small business asset write off threshold would have near term revenue implications (of an estimated $3.8bn over the forward estimates), the revenue “lost” is in reality deferred as in both cases the issue is essentially a matter of the timing of legitimate deductions.
Ai Group however says it does support the repeal of the mining tax, the repeal of accelerated depreciation for motor vehicles, the delay in the phase-in of the SGC, and the repeal of the low-income superannuation contribution.
[LTN 213, 4/11/13]