Explanatory Memorandum
(Circulated by authority of the Minister for Revenue and Financial Services, the Hon Kelly O'Dwyer MP)STATEMENT OF COMPATIBILITY WITH HUMAN RIGHTS
Prepared in accordance with Part 3 of the Human Rights (Parliamentary Scrutiny) Act 2011
Access to losses
1.59 Schedule 1 to this Bill is compatible with the human rights and freedoms recognised or declared in the international instruments listed in section 3 of the Human Rights (Parliamentary Scrutiny) Act 2011.
Overview
1.60 Schedule 1 to the Bill amends the Income Tax Assessment Act 1997 and the Income Tax Assessment Act 1936 to supplement the same business test with a more flexible similar business test. The similar business test improves access to losses for companies (and certain trusts) that have changed ownership and allows those companies and trusts to seek out opportunities to innovate and grow without losing access to losses.
Human rights implications
1.61 Schedule 1 to this Bill does not engage any of the applicable rights or freedoms.
Conclusion
1.62 This Schedule is compatible with human rights as it does not raise any human rights issues.