Matthew Hayes FTIA (KPMG) represented the Taxation Institute at NTLG Consolidation Subgroup meeting in Melbourne on Friday 7 August 2009. After working through the action items, discussion focused on a number of issues, including:
- Capital Gains Tax (CGT) event L5 (demerger relief) - under the demerger relief provisions in Div 125, a number of potential taxable events are switched off under the demerger relief provisions but these specific events do not list CGT event L5;
- Service receivables and their cost base on exit; and
- Tax Consolidation Notifications (McIntosh decision) - ATO is likely to release some form of Decision Impact Statement (DIS).