In media release No 2013/050, issued 18 April 2013, the Assistant Treasurer and Minister Assisting for Deregulation, David Bradbury, announced the release of exposure draft legislation for a new tax loss incentive for major infrastructure projects.
Under the new regime, the Infrastructure Coordinator, a statutory officeholder under the Infrastructure Australia Act, will designate projects as eligible for the tax concession if they meet the relevant criteria.
The legislation aims to encourage private sector investment in nationally significant infrastructure projects, by:
- uplifting the value of carry forward losses by the 10 year Government bond rate; and
- exempting the losses from the continuity of ownership test and the same business test.
Consultation on the exposure draft legislation will run for two weeks, closing on 30 April 2013.