Published on 12 Mar 09
by NATIONAL DIVISION, THE TAX INSTITUTE
To date, the focus of our tax system has been on transactions involving assets, with only limited attention being given to liabilities. Recent legislative developments are addressing this imbalance, albeit in a piecemeal fashion. This paper deals with:
- ambiguities raised by the way in which the tax system has traditionally dealt with liabilities
- how liabilities alter tax outcomes on asset and entity acquisition transactions
- the proposed TOFA treatment of liabilities
- options for a more consistent tax treatment of liabilities.
Andrew De Wijn CTA
Andrew is a Barrister at the Victorian Bar
specialising in federal and state tax matters. Prior to joining the Bar
he was a solicitor with Greenwoods & Freehills for eight years and
worked exclusively in tax. Current at 22 September 2013
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Kenneth Spence CTA-Life
Ken is a Special Counsel in the Melbourne office of Greenwoods & Herbert Smith Freehills. He has been closely involved for many years in advising Australian and foreign-owned listed companies on M&A transactions and has been extensively involved with both clients and tax professional bodies in relation to all aspects of the tax consolidation regime. Ken is a past President of The Tax Institute. Current at 23 August 2016
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Enzo Coia CTA
Formerly a senior associate with Shaddick & Spence, Enzo is a Senior Associate with Greenwoods & Freehills. Current at 05 May 2009
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