Published on 18 Jul 2003
| Took place at The Sebel Lodge, Yarra Valley
Tax practitioners have in recent years discovered that the devil has been in the detail of the New Business Tax System - the loss integrity measures, the debt/equity measures and thin
Tax consolidation is the most significant tax reform measure in the last 18 years and provides a new challenge to tax practitioners - the devil is not in what the tax consolidation provisions say, it is in what they do not!
At this tax consolidation intensive the presenters provided an analysis of what the provisions say together with an understanding of what the provisions mean in managing their own or their clients' tax consolidation implementation plan.
Get a 20% discount when you buy all the items from this event.
Author(s): James TARGETT This seminar paper covers the following issues:
- detailed review of tax aspects
- impact of accounting standards
- possible retrospective impact on ACA
- profits/tax losses 'accruing'
- Step 3 franking and transaction
- tax losses
- plant and intangibles.
It focusses on over depreciation, accrued profits, mining assets and the single entity rule.
This is an updated version of a paper presented by Jim Targett at the Dawn of a New Age - Consolidations seminar held in Sydney on 18 June 2003. Click here to view that paper.
Author(s): Geoffrey SHARPE, John JENKIN This presentation outlines the following topics:
- interaction of entity valuation and asset valuation
- status of ATO market valuation guidelines
- treatment of goodwill
- current valuation hot issues
- ATO risk matrix
- documentation and reporting.
Author(s): Ronen VEXLER This seminar paper covers the following issues:
- impact on depreciation rates and effective life
- treatment of mining rights and ex-GBE assets
- establishing the cost setting amount
- successive application of over depreciated asset adjustment on subsequent acquisition
- over depreciated asset adjustment
- market valuation requirements.
Author(s): Adrian O'SHANNESSY This seminar paper covers the following issues:
- membership rules for trusts and partnerships
- specific issues for asset tax value setting
- treatment of tax losses
- leaving a group.
Tax Losses: Eligibility, SBT & Available Fractions
Author(s): Richard BUCHANAN, Greg HOWES This presentation covers the following issues:
- transferring losses into consolidated groups
- curiosities in value and loss donation
- capital injection and non-arms length rule
- applicability of SBT to a consolidated group
- transfer of a current year loss in a non-membership period to head company
- operation of 701-30(3A) re: ownership changes at the joining time
- establishing the available fraction
- modified rules for MEC groups
- transition rules - COT losses.
Author(s): Cameron RIDER This seminar paper covers the following issues:
- when/how a subsidiary member exits a group
- rebuilding equity and debt cost bases on exit - the problem of amortising equity
- are the shares on capital account or revenue account?
- goodwill and other special assets
- exit history rule
- CGT and Event L5
- application of loss integrity measures on exit
- concessions for transitional groups on exit.
Author(s): Kris PEACH This guide covers the following topics:
- the aspects of tax consolidation that have an accounting impact
- when do UIG 39 or 52 apply?
- the key requirements of UIG 39 and 52
- the key differences between the 1989 and 1999 version of AASB
- what auditors need from tax advisors to sign off on deferred tax balances.
Multiple Entry Consolidated Groups and their Members
Author(s): Duncan R C BAXTER This seminar paper covers the following topics:
- multiple entry consolidated (MEC) groups and their members
- forming a MEC group, including cost setting rules (including pooling cases) and losses
- joining an existing MEC group
- leaving a MEC group.