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Getting money out of companies paper

Published on 15 Mar 07 by NATIONAL EVENTS, TAXATION INSTITUTE OF AUSTRALIA

This paper explores the tax issues that arise when winding up a private company and covers income tax, GST and stamp duty aspects including:

  • why liquidate? - comparison with capital return mechanisms
  • dividend v capital proceeds - where do I start?
  • managing available franking credits
  • CGT events C2 and G1
  • implications of various liquidation strategies
  • interaction with CGT discount and small business concessions
  • liquidating consolidated entities - where should you start?

Author profile:

Author Photo - Michael Hine CTA
Michael Hine CTA
Michael was admitted to the partnership of KPMG in July 1999 after 11 years in chartered accountancy. He has extensive knowledge of most major taxes including payroll tax, income tax and fringe benefits tax and consults regularly on the practical implications of the GST. Michael was the adviser to the Tasmanian Government’s GST Implementation Program. He was the State Chairman of The Tax Institute in 2001, was a member of the National Executive of the Institute and the Chairman of the Institute’s National Technical Committee. Michael has been a member of the Commissioner’s Division 7A reference group since its inception and was instrumental in lobbying for the changes that saw the introduction of s 109RB discretions. Current at 18 September 2013 Click here to expand/collapse more articles by Michael HINE.
 

This was presented at 22nd National Convention: Tackling Tax.

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Justice Graham Hill and Australian tax law

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Getting money out of companies

Author(s):  Michael HINE

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McNeil and Transurban City Link

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Stamp duty and GST issues arising from disposal of property and creation of rights

Author(s):  Peter GREEN

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