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Tax treatment of liabilities – The unexplored parallel universe paper

Publication date: 12 Mar 09

Source: NATIONAL DIVISION, THE TAX INSTITUTE

Abstract:

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.

Author profiles:

Andrew De Wijn CTA
Andrew is a Senior Associate with Greenwoods & Freehills. He specialises in listed property trusts and managed funds, internal restructures, mergers and acquisitions and offshore investment, including the controlled foreign company (CFC) and foreign investment fund (FIF) regimes. Andrew is a Barrister and Solicitor of the Supreme Court of Victoria and has a Bachelor of Laws and a Bachelor of Science from the University of Melbourne.
Current at 17 February 2011
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Kenneth Spence CTA-Life
Ken is a Greenwoods & Freehills' Director. He has been closely involved in advising Australian and foreign listed entities on the tax consolidation regime and its impact on M&A transactions since the regime was first proposed in 1999. Since then, Ken has represented clients and tax professional bodies at all major consultation forums dealing with tax consolidations, including the NTLG Tax Consolidation subcommittee. He is on the Advisory Panel to the Board of Taxation, has assisted the Board as an Expert Panel member on their recent tax consolidation reviews and is a past President of The Tax Institute.
Current at 02 August 2012
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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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