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Tax Tips Alert: April 2021
Parliament passes omnibus tax bill
The Taxation (Annual Rates for 2020-21, Feasibility Expenditure and Remedial Matters) Act has been enacted and is now in force.
The Act extends the bright-line test for residential property and also contains a number of other changes including:
- a new business continuity test
- deductibility of feasibility expenditure
- purchase price allocation
- leases subject to IFRS 16 (leases)
- goods and services tax (GST), and
- donated trading stock.
We have previously published a Tax Tips here detailing the key changes. In this issue, we consider the amendments arising from the Finance and Expenditure Select Committee’s recommendations following the submissions process, and we also discuss new measures that were introduced by way of a supplementary order paper (SOP).
Please get in touch with your usual PwC adviser to discuss how these changes might impact you.
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