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
In this PwC news alert, 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).