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The Taxation Institute has lodged a submission on the treatment of certain term subordinated notes as debt for the purposes of the debt/equity tax rules with the Business Tax Division of the Commonwealth Treasury. The submission addresses issues raised by the draft Income Tax Assessment Amendment Regulations 2009 released for public comment on 22 April 2009.

The purpose of the draft regulations is to ensure that "solvency clauses" do not preclude certain term subordinated notes from being debt for the purposes of the debt/equity tax rules. The Taxation Institute believes that the draft regulations should broadly achieve their intended purpose. However, the Taxation Institute has identified some issues for further consideration and identified some suggested amendments to the draft regulations to clarify their operation.

For a copy of the Taxation Institute's submission go here.

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