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 National Innovation and Science Agenda. One of those measures will allow businesses that have changed ownership to access past year tax losses if they satisfy a similar business test. Under the current law, businesses that have changed ownership must satisfy the same business test to access past year tax losses. This measure is designed to encourage entrepreneurship by allowing loss-making businesses to seek out new opportunities to return to profitability.

[Treasury website] [Draft Bill] [Draft EM] [Related TT article] [LTN 65, 7/4/16]