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Proposed loss recoupment legislation: points of note for affected companies.

Publication date: 04 Aug 05 | Source: WEEKLY TAX BULLETIN

Issue: No 32 29 July 2005

Pages: pp. 1227

Abstract:

The Exposure Draft Bill: Loss Recoupment Rules for Companies was released on 11 February 2005: see 2005 WTB 7 [246]. This legislation is designed to simplify the continuity of ownership test for widely held companies and repeal the ability to rely on the same business test for the recoupment of losses incurred for income years beginning after 30 June 2005 for companies and consolidated groups with an annual turnover exceeding $100m.

Following comments, received through the consultative process, Treasury is reworking parts of the draft legislation, and will seek comments on the revised draft. The aim is to have the legislation finalised for introduction into Parliament in August 2005.

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Author profile

Paul Abbey
Photo of author, Paul ABBEY Paul is a Partner in the Corporate Tax group of PwC in Melbourne and has over 30 years experience advising local and international clients on income tax issues. - Current at 29 May 2019
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