Tax Bill passed

Parliament has passed the Taxation (Annual Rates for 2020–21, Feasibility Expenditure, and Remedial Matters) Bill. The Bill includes measures to:

• allow businesses to claim greater deductions for feasibility expenditure
• loosen the loss continuity rules
• extend the bright-line test, and
• require consistent allocation of the purchase price of property in an asset sale.

The Bill now awaits Royal assent.