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Clear exits — the transaction issues

Publication date: 20 Jun 16 | Source: CCH TAX WEEK

Issue: Issue 24, 17 June 2016

Pages: pp. 1-5

Abstract:

The consolidations tax regime has fundamentally altered the income tax treatment of corporate groups.

While the tax developments associated with the consolidations regime have been a constant focus of tax specialists for many years, it is only in relatively recent times that many of the legal and transaction-based issues and practices have emerged. Advisers to corporate groups need to be able to identify and address these issues when involved in transactions concerning consolidated groups.

The need for, the operation of, and the practical issues associated with effecting a “clear exit” upon the acquisition, sale or restructure of a consolidated group presents as a compelling example of the consolidations regime’s impact on transactions. The purpose of this article is to briefly review the clear exit principle in the context of transactions involving the sale and purchase of companies.

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Author profile

Peter Slegers CTA
Photo of author, Peter SLEGERS Peter Slegers, LLB (Hons), MTax, CTA Partner Cowell Clarke Peter heads Cowell Clarke's tax and revenue practice group. Peter advises and acts for a wide range of public and private companies as well as for the trustees of self managed superannuation funds. Peter’s areas of expertise include: income tax (as it impacts on business and high net worth clients); capital gains tax; goods and services tax; state taxes and superannuation law. Peter also does succession planning work and is involved in significant business restructures. Peter is regularly involved in advising SMSF trustees on issues associated with superannuation income streams. Peter has a master’s degree in taxation from the University of NSW – ATAX School. Peter is also a member of the Australian Institute of Company Directors and the SMSF Professionals Association of Australia Ltd. Peter is a member of the Tax Institute’s South Australian State Council. - Current at 19 July 2017
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