Explanatory Memorandum
(Circulated by authority of the Minister for Revenue and Financial Services, the Hon Kelly O'Dwyer MP)General outline and financial impact
Amendments to innovation measures
Schedule 1 to this Bill makes minor technical changes to the income tax law 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.
Date of effect: The amendments relating to the tax incentives for early stage investors measure apply to capital gains tax events occurring on or after 1 July 2017. The amendments relating to the venture capital investment measure apply in relation to payments made on or after 1 July 2016.
Proposal announced: The measures contained in Tax Laws Amendment (Tax Incentives for Innovation) Act 2016 formed part of the National Innovation and Science Agenda, announced in the Government's Innovation Statement on 7 December 2015.
Financial impact: These amendments are estimated to have no revenue impact over the forward estimates period.
Human rights implications: This Schedule does not raise any human rights issues. See Statement of Compatibility with Human Rights - paragraphs 1.23 to 1.26.
Compliance cost impact: Nil.
Amendment of the Australian Securities and Investments Commission Act 2001
Schedule 2 to this Bill amends the Australian Securities and Investments Commission Act 2001 to allow the Australian Securities and Investments Commission to more readily share confidential information with the Commissioner of Taxation
Date of effect: The day after Royal Assent.
Proposal announced: The amendment was announced in the 2016-17 Budget, along with the establishment of the Tax Avoidance Taskforce. Public consultations took place between 9 December 2016 and 13 January 2017.
Financial impact: The amendment in schedule 2 does not have a financial impact.
Human rights implications: This schedule raises human rights issue. See Statement of Compatibility with Human Rights - paragraphs 2.18 to 2.28.
Compliance cost impact: None.