will be amended to tax the value of the SRS investments withdrawn and provide the Minister the power to make regulations to provide for the method of valuing the SRS investments withdrawn. These amendments will take effect on 1 January 2015. Replace the reference to the term To replace the reference to law firm” in the ITA Section 13V “foreign "foreign law firm" in section 13V with with law practice”. When section 13V was “foreign law practice” enacted, the term law firm” was included in [Clause 15] “foreign “foreign subsection 15. The term law firm” was “foreign subsequently deleted from the Legal Profession Act. This is a consequential amendment. Amend the definition of "qualifying To amend the definition of investment”, Section 37K “qualifying investment" in section 37K(12) to under the Angel Investor Tax Deduction (“AITD”) exclude all stock option and share scheme such that it is similar to that in section 97U(1)(c) [Clause 44] award schemes. of the Economic Expansion Incentive (Relief from Income Tax) Act. The Angel Investor Tax Deduction (“AITD”) scheme was introduced to encourage approved investors to invest in qualifying start-ups by providing a tax deduction on their qualifying investment. Amend section 37C(15) and (19), To make technical amendments to section 37C by Section 37C concerning the references to date removing the references to date of commencement of “the “the of commencement of the Economic the Economic Expansion Incentives (Relief from Income [Clause 37] Expansion Incentives (Relief from Tax) (Amendment) Act 2004” and substituting them with Income Tax) (Amendment) Act April 2004”, being the date of commencement of the “28 "2004”.
will be amended to tax the value of the SRS investments withdrawn and provide the Minister the power to make regulations to provide for the method of valuing the SRS investments withdrawn. These amendments will take effect on 1 January 2015. Replace the reference to the term "foreign law firm" in section 13V with “foreign law practice” To replace the reference to “foreign law firm” in the ITA with “foreign law practice”. When section 13V was enacted, the term “foreign law firm” was included in subsection 15. The term “foreign law firm” was subsequently deleted from the Legal Profession Act. This is a consequential amendment. Section 13V [Clause 15] Amend the definition of "qualifying investment" in section 37K(12) to exclude all stock option and share award schemes. To amend the definition of “qualifying investment”, under the Angel Investor Tax Deduction (“AITD”) scheme such that it is similar to that in section 97U(1)(c) of the Economic Expansion Incentive (Relief from Income Tax) Act. The Angel Investor Tax Deduction (“AITD”) scheme was introduced to encourage approved investors to invest in qualifying start-ups by providing a tax deduction on their qualifying investment. Section 37K [Clause 44] Amend section 37C(15) and (19), concerning the references to “the date of commencement of the Economic Expansion Incentives (Relief from Income Tax) (Amendment) Act "2004”. To make technical amendments to section 37C by removing the references to “the date of commencement of the Economic Expansion Incentives (Relief from Income Tax) (Amendment) Act 2004” and substituting them with “28 April 2004”, being the date of commencement of the Section 37C [Clause 37]
2014_ITA_BudgetNonChanges.docx