Treasury Laws Amendment (2021 Measures No. 5) 2021

# Treasury Laws Amendment (2021 Measures No. 5) Bill 2021 ## What it does This is a sweeping technical fix-up of tax and financial laws covering three main areas: reforms to how Australian film and TV productions get government incentives, cleanup changes following last year's corporate insolvency reforms, and dozens of smaller adjustments to tax rules that have become outdated or needed clarification. ## Why it matters Most of these changes are behind-the-scenes updates that keep the tax system running smoothly and prevent loopholes or confusion. A few pieces—like changes to how companies can claim losses back against previous profits—could affect business tax bills. The film and TV incentive reforms may influence where Australian productions get made. ## Key details - **Screen incentive overhaul**: Changes how the government supports Australian film and TV production through tax incentives (Schedule 1) - **Loss carry-back for businesses**: Lets eligible companies claim current losses against profits from previous years to reduce tax—a temporary measure to help during economic downturns - **Insolvency follow-up**: Makes about a dozen financial laws consistent with major corporate insolvency reforms passed in 2020, affecting how companies, banks, and insurance providers handle defaults and restructures - **Effective dates staggered**: Most changes start immediately after the bill passes; others begin on the next quarterly date (1 Jan, April, July or October)

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