King & Wood Mallesons

Asia-Pacific 100 position: 3

Categories:Australasia,Tax

Tax loss incentives for designated infrastructure projects

Australia’s federal government has released for consultation exposure draft legislation that proposes to introduce tax loss incentives for designated infrastructure projects. The proposed changes will affect entities who undertake large-scale infrastructure projects and investors and financiers of such projects.

This initiative builds on the government‟s short-term commitment to support private investment in infrastructure projects which is considered to be a national priority. The draft legislation, if enacted in its current form, will allow selected infrastructure project entities to:

  • uplift their carry forward tax losses incurred during construction of the project by the 10 year Government Long Term Bond Rate;
  • carry forward their tax losses for use in later income years without the need to satisfy the requirements for the use of such losses (such as the majority control tests and same business tests); and
  • exempt these entities from the restrictions in deducting bad debts…

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