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Australia amends corporate loss rules.

Publication date: 10 Nov 05 | Source: TAX NOTES INTERNATIONAL

Issue: Vol 40 no 3 October 17 2005

Pages: pp. 225-228


After extended consultation and some modest redrafting, legislation to enact proposed amendments to Australia's corporate loss rules was introduced to Parliament on September 14, 2005.

The new rules will significantly affect the ability of companies to use their tax losses and some other tax attributes on an ongoing basis. The main effects of the new legislative regime are discussed in this article, with a focus on the effects of the rules for companies with prior year losses. However, the same rules also apply to a company with carryforward net capital losses, bad debts, and foreign losses, and will affect the amount of losses that can be brought into a consolidated group. The rules also affect the position of corporate limited partnerships and the trusts that head consolidated groups.

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Author profile

Prof Graeme Cooper CTA
Graeme is Professor of Taxation Law at the University of Sydney and a consultant to Greenwoods & Herbert Smith Freehills. He is a former Chair of the New South Wales State Council of The Tax Institute and former member of the National Council. He has worked as a consultant to the ATO, Treasury, Board of Taxation, United Nations, OECD, World Bank, the International Monetary Fund and several foreign governments. He was admitted to legal practice in New South Wales and Victoria, and practised commercial law and tax in Sydney before entering teaching. He has taught in law schools in Australia, Europe and the United States, and holds degrees from the University of Sydney, University of Illinois and Columbia University, New York. - Current at 12 January 2018
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