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Published on 11 Aug 07
by WESTERN AUSTRALIAN DIVISION, THE TAX INSTITUTE
Various aspects of the income tax consolidation rules in Part 3-90 of the Income Tax Assessment Act 1997 (Cth) still do not work properly. This presentation focusses on a number of these aspects, including:
the operation of the company loss recoupment rules as loss transfer tests
the modifications to the 'same business test' for income tax consolidated groups
peculiar outcomes under the 'single entity rule'
the private ruling system and restructures of consolidated groups
weaknesses in the Tax Sharing Agreement and 'clear exit payment' rules
anomalies in relation to CGT event L5 and the acquisition of a consolidated group
the exclusion from CGT event J1 in relation to entities that leave:
income tax consolidated groups
multiple entry consolidated (MEC) groups
These aspects also provide a context within which the presentation considers a selection of recent legislative amendments and ATO rulings.
Duncan R CBAXTER
Duncan is Head of the National Tax Team at Blake Dawson. He was previously a Partner in the
International Tax Group of a global accounting firm. Earlier this year Duncan served as one of the three private
sector representatives on the Federal Government’s Tax Design Review Panel. Current at 11 March 2009
The Tax Institute is a Recognised Tax Agent Association (RTAA) under the Tax Agent Services Regulations 2009.
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