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14 Jul 08 Thin Cap: draft amendments to the application of Accounting Standards

On 11 July 2008, Treasury released draft legislation amending the thin capitalisation regime to accommodate certain impacts arising from the 2005 adoption of Australian equivalents to International Financial Reporting Standards (AIFRS). These amendments will allow entities to depart from the current accounting treatment in relation to certain intangible assets and to exclude deferred tax assets and liabilities and surpluses and deficits in defined benefit superannuation funds when doing their thin capitalisation calculations.

Treasury is seeking comments by 1 August 2008.

For a copy of the draft legislation and outline, go here

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