On 14 May 2020, the Treasury Laws Amendment (2020 Measures No 1) Bill 2020  passed both Houses of Parliament – having been introduced on 12 October 2020, and stalled in the Lower House on 4 March 2020. It broadens the definition of significant global entity (SGE) in the ITAA 1997 so that it applies to groups of entities headed by an entity other than a listed company (in the same way it applies to groups headed by a listed company). The Act also makes permanent for merging superannuation funds the temporary loss relief and asset rollover relief in Div 310 of the ITAA 1997 (which was due to expire on 1 July 2020).

See below for an additional summary.

[Tax Month – May 2020]

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