The Tax Laws Amendment (2013 Measures No 2) Act 2013 has inserted new Div 415 (Designated infrastructure projects) into the ITAA 1997 to provide a new “tax incentive” for entities that carry on a nationally significant infrastructure project that has been designated by the Infrastructure Coordinator. The changes apply to tax losses for the 2012-13 and later income years and to debts that were originally incurred in those years and later became bad debts of the entity. [This is broadly to allow losses to be carried forward without having to pass the same continuity of ownership test or the same business test.]
Under the provisions, the Coordinator can designate projects eligible for the tax concession, with a pre-requisite that it has been assessed as “Ready to Proceed” on Infrastructure Australia’s Priority Project List. The Assistant Treasurer says that potential applicants should visit Infrastructure Australia’s website for further details and to register attendance at planned industry consultation workshops on the new incentive.
Source: Assistant Treasurer’s media release No 136, 12 July 2013
[LTN 135, 16/7/13]