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On 4 February 2010, a joint submission was lodged with the ATO on behalf of the Institute of Chartered Accountants in  Australia, the Taxation Institute of Australia, CPA Australia, the National Institute of Accountants and Taxpayers Australia  in respect of TD 2009/D18 (Income tax: can a private equity entity make an income gain from the disposal of the target  assets it has acquired?)

The Executive Summary in the submission identifies the following issues with the draft Ruling:

  • Distinguishing pooled funds and managers from companies acting as principal
  • The Draft TD is a significant departure from the ATO’s previous views and practice
  • Inadequate analysis of ‘income according to ordinary concepts’
  • Capital occasions do exist – this should be acknowledged
  • Inadequate analysis of isolated transactions
  • Attribution of the manager’s supposed intentions to the ultimate investors
  • Focus on a single hypothetical set of facts
  • Focus on non-resident investors does not cover the issues fully.
For a copy of the submission, go here.

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