Update on Losses and Blackhole Expenditure
Published on 22 Nov 2005
| Took place at Tattersalls Club, Sydney
The new loss recoupment rules released on 14 September 2005 will significantly affect companies with carry forward tax losses. The legislation follows the release of an Exposure Draft in February and contains amendments that will benefit widely held companies with an improved Continuity of Ownership Test (COT) broadly from 1 July 2002. However, the Same Business Test (SBT) will be limited for companies' losses incurred from 1 July 2005.
The purpose of this seminar was to provide an outline of the changes to the COT and the SBT as well as discussing their affect on Australian companies.