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Tax Laws Amendment (Tax Incentives for Innovation) Bill 2016

Tax Laws Amendment (Tax Incentives for Innovation) Act 2016

Explanatory Memorandum

(Circulated by authority of the Treasurer, the Hon Scott Morrison MP)

Index

Schedule 1: Tax incentives for early stage investors

Bill reference Paragraph number
Item 1, paragraph 360-15(1)(a) and subsections 360-15(2) and 360-15(3) 1.16
Item 1, section 360-20 1.21
Item 1, subsection 360-15(1) and section 360-20 1.24
Item 1, paragraphs 360-15(1)(b) and (c) and (e) 1.25
Item 1, paragraph 360-15(1)(d) 1.33
Item 1, paragraph 360-15(1)(f) 1.37
Item 1, section 360-25 1.40
Item 1, subsection 360-15(2) 1.49, 1.50
Item 1, subsections 360-30(1) and (2) 1.51
Item 1, subsection 360-30(4) 1.52
Item 1, subsection 360-30(3) 1.54
Item 1, subsection 360-30(5) 1.56
Item 1, subsection 360-15(3) 1.58
Item 1, section 360-35 1.59
Item 1, paragraph 360-40(1)(a) 1.63
Item 1, paragraph 360-40(1)(b) 1.66
Item 1, paragraph 360-40(1)(c) 1.67
Item 1, subsection 360-40(2) 1.69, 1.93
Item 1, paragraph 360-40(1)(d) 1.70
Item 1, subsections 360-40(3) and (4) 1.75
Item 1, paragraph 360-40(1)(e) 1.77
Item 1, paragraph 360-40(1)(e)(i) 1.79, 1.81
Item 1, paragraph 360-40(1)(e)(ii) 1.82
Item 1, paragraph 360-40(1)(e)(iii) 1.83
Item 1, paragraph 360-40(1)(e)(iv) 1.84
Item 1, paragraph 360-40(1)(e)(v) 1.85
Item 1, paragraph 360-40(1)(e) and subsection 360-45(1) 1.86
Item 1, item 1 in the table in subsection 360-45(1) 1.87
Item 1, item 3 in the table in subsection 360-45(1) 1.88
Item 1, item 2 in the table in subsection 360-45(1) 1.92
Item 1, item 4 in the table in subsection 360-45(1) 1.95
Item 1, item 5 in the table in subsection 360-45(1) 1.98
Item 1, item 6 in the table in subsection 360-45(1) 1.100
Item 1, item 7 in the table in subsection 360-45(1) 1.101
Item 1, item 8 in the table in subsection 360-45(1) 1.105
Item 1, subsection 360-45(2) 1.108
Item 1, subsection 360-50(2) 1.110
Item 1, subsection 360-50(1) 1.111
Item 1, section 360-55 1.115
Item 1, subsections 360-50(3) and (4) 1.116, 1.117
Item 1, subsection 360-50(5) 1.118
Item 1, section 360-60 1.122, 1.123
Item 1, section 360-65 1.124
Item 1, sections 360-5 and 360-10 1.132
Items 2-11 1.126
Items 12-16 1.131
Items 17 and 18 1.129

Schedule 2: Venture capital investment

Bill reference Paragraph number
Items 1, 9 to 12, 14, 25, 31, 34, and 54 to 61, the item headed early stage venture capital limited partnerships in the list in section 13-1, subparagraph 118-407(1)(d)(iv), notes 1 and 2 to subsection 118-407(1), subsection 118-407(5), definition of 'divestiture registration requirement' in subsection 995-1(1), note 3 to subsection 118-425(3), note 4 to subsection 118-427(4), subsection 118-435(1), note to subsections 118-425(13) and 118-427(14) and the definitions of private ruling and public ruling in s.995-1 in the ITAA 1997 as well as section 357-1, subsection 357-5(3) and the note to section 357-50 in Schedule 1 to the TAA 1953 2.142
Item 2, subsection 61-765(1) 2.19
Item 2, subsection 61-765(2) 2.22
Item 2, subsection 61-765(2) 2.23, 2.24
Item 2, subsection 61-765(3) 2.26, 2.29
Item 2, subsection 61-765(4) 2.30
Item 2, paragraph 61-760(1)(b) 2.36
Item 2, subsection 61-760(2) 2.37
Item 2, section 61-770 2.38
Item 2, subsection 61-770(4) 2.39
Item 2, subsection 61-770(1) 2.40
Item 2, subsection 61-770(3) 2.41
Item 2, section 61-770 2.43
Item 2, subsections 61-770(2) and (5) 2.44
Item 2, subsection 61-760(3) and sections 61-765 and 61-775 2.46
Item 2, section 61-775 2.47
Items 2 and 32, subsections 118-425(4) and 118-427(5) 2.74
Item 2, subsection 61-760(1) 2.17
Item 3, table item 32 of subsection 63-10(1) 2.32
Item 3, table item 32 of subsection 63-10(1) 2.34
Item 4 2.145, 2.147
Item 4 of clause 2 to the Bill 2.165
Item 5 2.149
Item 6, subparagraph 9-3(1)(d)(ii) of the VCA 2002 2.48
Item 6 of clause 2 to the Bill 2.166
Item 7 2.151
Item 8, subsection 51-54(1A) 2.61
Item 13, section 118-408 2.53
Item 13, subsections 118-408(2) 2.55
Item 13, subsections 118-408(2) and (3) 2.56
Item 13, subsection 118-408(1) 2.59
Items 15 and 16, paragraph 9-3(1)(i) and subsections 9-3(3) and (6) of the VCA 2002 2.51
Items 17 to 19, 35 to 41 and 43, section 17-3, paragraph 17-5(1)(ab), section 17-15, paragraphs 15-1(ga) and (gb), 15-10(c), (d) and (e), 21-20(g), (h), (i) and (j) and 29-1(i) and (j) of the VCA 2002 2.143
Item 20 2.152
Items 21 and 22, paragraphs 104-71(3)(aa), (c) and (d) 2.65
Item 23 2.154
Items 24, 25, 30 and 31, subsections 118-425(3) and 118-427(4) 2.76
Items 24, 25, 30 and 31, subsections 118-425(3) and 118-427(4) 2.75
Items 25, 26, 31 and 32, subsections 118-425(3), (4), 118-427(4) and (5) 2.78
Items 26 and 32, subsections 118-425(4A) and 118-427(5A) 2.79
Items 26 and 32, subsections 118-425(4) and 118-427(5) 2.73
Items 27 and 29, subsections 118-425(11) and (16) 2.92
Items 28 and 33, subsections 118-425(14B) and 118-427(15A) 2.81
Items 28 and 33, paragraphs 118-425(14C)(b) and 118-427(15B)(b) 2.82
Items 28 and 33, paragraphs 118-425(14C)(a) and 118-427(15B)(a) 2.83
Items 28 and 33, paragraphs 118-425(14B)(c) and 118-427(15A)(c) 2.84
Items 28 and 33, subsections 118-425(14C) and 118-427(15B) 2.86
Items 28 and 33, subsections 118-425(14C) and 118-427(15B) 2.87
Item 28, subsection 118-425(14C) 2.90
Items 28, 33 and 42, subsections 118-425(14B), (14C), 118-427(15A) and (15B) of the ITAA 1997 and subsections 25-15(1) and (1A) of the VCA 2002 2.80
Item 28, subsection 118-425(14A) 2.96, 2.97
Items 46 and 52, paragraph 118-420(1)(ba) of the ITAA 1997 and paragraph 9-3(5)(e) of the VCA 2002 2.98
Items 47 and 51, subsection 118-420(6) and definition of 'widely held foreign venture capital fund of funds' in subsection 995-1(1) 2.102
Items 48, 49 and 50, paragraph 842-230(1)(aa), subsection 842-230(2) and paragraph 842-235(6)(a) 2.107
Items 48, 49 and 51, paragraph 842-230(1)(aa), subsection 842-230(2) and the definition of 'widely held entity' in subsection 995-1(1) 2.103
Item 53 2.161
Item 61, Division 362 of the TAA 1953 2.110
Item 61, sections 362-5, 362-25 and 362-30 in Schedule 1 to the TAA 1953 2.111
Item 61, sections 362-70 and 362-75 in Schedule 1 to the TAA 1953 2.112
Item 61, subsections 362-5(2) and (3) and sections 362-15 and 362-20 in Schedule 1 to the TAA 1953 2.113
Item 61, sections 362-35 and 362-40 in Schedule 1 to the TAA 1953 2.115
Item 61, section 362-50 in Schedule 1 to the TAA 1953 2.116
Item 61, section 362-10 and 362-45 in Schedule 1 to the TAA 1953 2.117
Item 61, sections 362-15 and 362-55 in Schedule 1 to the TAA 1953 2.118
Item 61, sections 362-20 and 362-60 in Schedule 1 to the TAA 1953 2.119
Item 61, section 362-65 in Schedule 1 to the TAA 1953 2.121
Item 62, paragraphs 29-1(k) and 29 - 1(l) of the VCA 2002 2.114
Item 63 2.162
Items 64 and 66, subsections 118-425(5A) and 118-427(6A) 2.130
Items 64 and 66, subsections 118-425(5) and (5A) and subsections 118-427(6) and (6A) 2.126
Items 65, 68, 69 and 70, subsections 118-425(10A), 118-428(4) and 118-440(2A) and section 118-450 2.127
Item 67 and 68, subsections 118-427(11) and 118-428(4) 2.129
Item 70, subsection 118-450(1) 2.128
Item 71, the definition of 'registered auditor' in subsection 995-1(1) 2.131
Item 72 2.163
Items 73 and 75, subsections 275-10(4A) and (4B) of the ITAA 1997 and subsections 12-400(2A) and (2B) in Schedule 1 to the TAA 1953 2.136
Items 73 and 75, subsections 275-10(4A) and (4B) of the ITAA 1997 and subsections 12-400(2A) and 12-400(2B) in Schedule 1 of TAA 1953 2.137
Item 74, subsection 275-100(1A) 2.141
Item 76 2.164
Items 77 to 82, paragraphs 13-5(1)(b) and (c), 13-5(1A)(b) and (c) and 13-5(2)(b) and (c) of the VCA 2002 2.144
Section 2 and items 73 and 75, subsections 275-10(4A) and (4B) of the ITAA 1997 and subsections 12-400(2A) and (2B) of the TAA 1953 2.138
Subitem 44(1) 2.155
Subitem 44(2) 2.156
Subitem 44(3) 2.157
Subitem 45(1) 2.159
Subitem 45(2) 2.160


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