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National Innovation and Science Agenda – Increasing Access to Company Losses

The Taxation Committee of the Business Law Section of the Law Council of Australia ("Committee") is grateful for the opportunity to make a submission to Treasury in respect of Tax and Superannuation Laws Amendment (2016 National Innovation and Science Agenda) Bill 2016: Access to Losses ("Losses ED"). 

The Committee supports the objectives of the Losses ED, as it will aid Australian innovation companies in obtaining valuable funding and meaningful assistance from investors. 

Subject to the comments and clarification sought below, the Committee supports the proposed amendments to the tax loss rules. The Committee hopes that a concise and pragmatic approach is taken in drafting the final legislation to ensure that the proposed rules work as intended. 

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