Zed Seselja (ACT, Liberal Party, Assistant Minister for Treasury and Finance) Share this | Hansard source

I table a supplementary explanatory memorandum relating to the government amendment to be moved to this bill. Schedule 2 is opposed in the following terms:

(1) Schedule 2, page 27 (line 1) to page 29 (line 23), to be opposed.

The government is tabling a parliamentary amendment in the Senate to remove schedule 2, Intangible asset depreciation, from the Treasury Laws Amendment (2017 Enterprise Incentives No. 1) Bill 2017.

Schedule 2 to the bill contained amendments to the Income Tax Assessment Act 1997, to allow taxpayers to choose to self-assess the effective life of certain intangible depreciating assets, rather than using the statutory effective life for such assets specified in the tax law. By omitting schedule 2 the bill will no longer allow taxpayers to avail themselves of this option. Given the application date of 1 July 2016 and the likely further delay in the passage of the bill, the government decided not to proceed with the measure, in order to eliminate the current uncertainty for taxpayers. The amendment will ensure the remaining measure in the bill will be legislated without further delay.