Taxpayers may want to review proposed changes to the interest expensing rules and other significant new draft tax legislation recently issued by Finance. This sweeping package of legislation, which was released on February 4, 2022, features a wide range of corporate, personal and trust tax changes, including measures to introduce limitations on deductible interest, expand the mandatory disclosure requirements, introduce enhanced trust reporting requirements and provide temporary immediate expensing for certain eligible assets. Finance has released these draft measures for public consultation and will accept feedback by the deadlines specified for each measure.

Download this edition of the TaxNewsFlash to learn more.