Tax Office publishes LCR on new business test
The ATO has now released its law companion ruling on the recently introduced ‘similar business test’, but advisers have been warned that different situations will be far from clear cut.
Earlier this year, the ‘similar business test’ was introduced with the passing of Treasury Laws Amendment (2017 Enterprise Incentives No. 1) Bill for the purposes of working out whether a company’s tax losses and net capital losses from previous income years can be used as a tax deduction in a current income year.
Read more at the Accountants Daily.