Australia: Tax integrity bill would provide self-assessment of effective life of certain intangible assets

The tax integrity bill provides taxpayers with the choice to self-assess the effective life of certain intangible assets.

Tax integrity bill was introduced on 9 February 2022 in the House of Representatives

The Enhancing Tax Integrity and Supporting Business Investment Bill 2022 was introduced on 9 February 2022 in the House of Representatives and proposes, among other measures, to provide taxpayers with the choice to self-assess the effective life of certain intangible depreciating assets that they start to hold on or after 1 July 2023, rather than using the statutory effective life currently specified in the law.

In addition, there are other measures that concern taxpayer recordkeeping and would provide relief for small businesses and primary producers affected by Cyclone Seroja in April 2021.

 

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