28 Sep 06 3 final Consolidation Taxation Determinations - TD 2006/58-60On 27 September, the ATO issued the following 3 final Taxation Determinations dealing with Consolidation:
- TD 2006/58 Income tax: consolidation: will a subsidiary company that is deregistered cease to be a member of a consolidated group with the consequence that it is treated as a leaving entity for the purposes of Division 711 of ITAA 1997? (Previously released in draft form as TD 2006/D1: see 2006 TAXVINE No 1 (11) (27 January 2006)) The answer given is Yes.
- TD 2006/59 Income tax: consolidation: subsidiary in liquidation: are unsatisfied debts of a subsidiary at the time of deregistration, being debts owed to creditors outside of the consolidated group, accounting liabilities for the purposes of s 711-45(1) of ITAA 1997? (Previously released in draft form as TD 2006/D2: see 2006 TAXVINE No 1 (11) (27 January 2006)) The answer given is Yes.
- TD 2006/60 Income tax: consolidation: is a deferred tax liability recognised and measured in accordance with AASB 1020 (AAS 3) Income Taxes (the 1999 standard) an accounting liability under s 705-70(1) where the 1999 standard was not adopted for the recognition and measurement of the liability for financial reporting purposes for the period within which the joining time occurred? (Previously released in draft form as TD 2006/D18: see 2006 TAXVINE No 19 (15) (26 May 2006)) The answer given is No.