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Getting wealth out of companies paper

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Published on 03 May 07 by SOUTH AUSTRALIAN DIVISION, THE TAX INSTITUTE

Extracting funds from a controlled company requires strategies that navigate around a trio of pitfalls - tax on the company, further tax on the shareholder and a penalty debit to the franking account. This paper looks at a few of the possibilities for a harmonious outcome, and some of the dissonant dangers that lurk in this territory:

  • accessing retained earnings
  • dividends and dividend access shares
  • stripping and streaming rules
  • capital reductions
  • loans out
  • liquidation of companies
  • redundancy payments and other benefits
  • avoiding the wash-out of concessions.

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 New South Wales State Council Chairman of The Tax Institute and currently a member of the National Council. He has worked as a consultant to the ATO, Treasury, Board of Taxation, United Nations, OECD, World Bank and International Monetary Fund. He was admitted to legal practice in New South Wales (1980) and Victoria (1999), and practised commercial law and tax in Sydney before entering teaching. He has taught tax 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 22 May 2017
Click here to expand/collapse more articles by Graeme S COOPER.

 

This was presented at South Australian Convention: In Tune with Tax .

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Individual sessions

Holding land through trusts

Author(s):  Michael BUTLER

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Getting wealth out of companies

Author(s):  Graeme S COOPER

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The 2007 superannuation 'window of opportunity'

Author(s):  Brian COLLINS

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Simply super - getting it in

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Entry and exit issues in professional partnerships

Author(s):  Andrew SHAW

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Running a tax dispute at the AAT

Author(s):  Rod DUNNE,  Helen LACEY,  Arlene MACDONALD

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Crikey - where do I pay my tax?

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Simply super - getting it out

Author(s):  Stephen HEATH

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Exploring the land-rich provisions

Author(s):  John TUCKER

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Having employees - it's not just about salary and wages

Author(s):  Julie VAN DER VELDE

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Ruling from the grave - effective use of testamentary trusts

Author(s):  Phil MCGOVERN

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GST report: the year so far - developments in 2007

Author(s):  Matthew NICHOLLS

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Getting trusts right: lessons from the Federal Court

Author(s):  Jeffrey SPENDER

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R-E-S-P-E-C-T your employees with equity

Author(s):  Jamie RESTAS,  Garry WINTER

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Changes to asset holdings

Author(s):  Tim SANDOW

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The new small business concessions

Author(s):  Ian SNOOK

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