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Tax vs accounting: Is the gap growing smaller

Published on 12 Nov 2008 | Took place at RACV Club, Melbourne, VIC

This event was part of the 2008 Corporate Tax Club series.

Historically, while ordinary accounting principles and practice have been considered relevant and influential in determining the tax treatment of many items, they have not been considered determinative. However, recently, we have seen a growing trend relating to the use of accounting concepts for tax purposes by both the ATO and Treasury, such that it is becoming imperative for tax practitioners to understand the link between accounting and tax.

This event explored the links between tax and accounting.

Individual sessions

Tax vs accounting: Is the gap growing smaller?

Author(s):  Duncan R C BAXTER,  Richard BUCHANAN

In this presentation, Duncan Baxter and Richard Buchanan, both founding members of the NTLG's A-IFRS subcommittee, discuss a number of recent developments that highlight the increasing interaction between accounting and tax, including the:

  • recently released ATO discussion paper on the capitalisation of internal labour costs
  • recent thin capitalisation amendments dealing with A-IFRS
  • operation of the income tax consolidation provisions in relation to acquisitions and divestments
  • application of the share capital tainting provisions
  • application of section 45B to demerger transactions.
Materials from this session: