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The ATO advises that the transitional period for using the Australian Generally Accepted Accounting Principles (AGAAP) in lieu of the International Financial Reporting Standards (IFRS) ceased on 31 December 2008, and for income years commencing on or after 1 January 2009 taxpayers will be required to do their calculations for thin capitalisation purposes using IFRS, with some modifications. As the new provisions apply to financial years commencing on or after 1 January 2009, most taxpayers (including Approved Deposit-taking Institutions) may still calculate their thin capitalisation position for the 2008-09 financial year using AGAAP.

For a copy of the ATO advice, go here.

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