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15 Aug 088 Submission on thin cap and the application of amendments of Accounting Standards

On 5 August 2008, the Taxation Institute lodged a submission with Treasury in relation to the draft legislation released on 11 July 2008 to amend the thin capitalisation regime to accommodate certain impacts arising from the 2005 adoption of Australian equivalents to International Financial Reporting Standards (AIFRS): see 2008 TAXVINE No 28 (11) (18 July 2008). The Taxation Institute broadly welcomes the changes in the draft legislation and believes that further guidance is required by Treasury in relation to the revaluation of intangible for the purpose of safe harbour calculations under the Thin Capitalisation rules.

For a copy of the submission, go here

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