On 4 April 2017, Treasury Laws Amendment (2017 Measures No 1) Bill 2017 received Royal Assent as Act No 26 of 2017. It amends:
- The Income Tax Assessment Act 1997 to ensure the National Innovation and Science Agenda measures contained in Tax Laws Amendment (Tax Incentives for Innovation) Act 2016 operate in accordance with their original policy intent. The amendments seek to ensure that investors that invest through an interposed trust are able to access the capital gain concessions provided by the tax incentives for early stage investors and venture capital investment measures.
- The Australian Securities and Investments Commission Act 2001 to specify that the sharing of confidential information, by the Australian Securities and Investments Commission (ASIC), with the Commissioner of Taxation is authorised use and disclosure of that information.
[APH site: Bills Digest, Text of Bill as passed by both Houses, Explanatory Memorandum; related Tax Month Article; LTN 64, 5/4/17]