Govt to move against trading in tax losses

Tue, 21 Apr 2020

Tax changes to assist businesses hit by covid-19 will be made mischief-proof to prevent anyone taking over a loss-making company just to get access to its tax losses, Revenue Minister Stuart Nash told Parliament's epidemic response committee.Nash said the government was aware for the potential for "mischief around loss continuity rules" and the Inland Revenue Department was examining how Australia dealt with the issue.The government announced on April 15 that it would change the current prohibition on a company's previous...

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