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The “similar business test” to make it easier for companies (and listed trusts) to deduct losses became law in March 2019.
As set out in the recent controversial Victorian Budget article, the State Taxation Acts Amendment Bill 2019 (Vic) contains amendments to the corporate reconstruction exemption.
The Australian Taxation Office (ATO) will commence a data matching program to obtain information on insurance policies for lifestyle assets, including boats, yachts, enthusiast motor vehicles, thoroughbred race horses, fine art and aircrafts.