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30 Oct 09 Submission on Company Losses amendments

On 12 October 2009, the Taxation Institute lodged a submission with Treasury in relation to the the exposure draft of the Tax Laws Amendment (2009 Measures No 6) Bill 2009 and the related explanatory memorandum (Exposure Draft Material).  The Exposure Draft Material concerns changes to permit company losses to be deducted where the current rules may deny loss deductions in situations where not all of the shares carry the same rights to dividends, return of capital or voting.

The Taxation Institute has some significant concerns in relation to the Exposure Draft Material, including the definition of "unfixed share structure" - s167-10(2), the fundamental reliance on market value of shares, the reconsideration under ss 167-20 and 167-25,  the treatment of death duty minimisation companies, the inability to reconsider if failed in a prior year, and the difference in approach under Subdivision 167-A & Subdivision 167-B.

For a copy of the submission, go here.

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