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27 Oct 11 2 draft Determinations on other aspects of "no goodwill" partnerships - TD 2011/D1 & TD 2011/D9

On 26 October 2011, the ATO released for public comment the following 2 draft Taxation Determinations:

  • TD 2011/D9 "Income tax: Employee share schemes: If a share in a 'no goodwill' professional practice company is acquired by a practitioner-shareholder (or a new practitioner-shareholder), will the Commissioner accept, for the purposes of determining whether that acquisition was at a discount within the meaning of s 83A-20(1) of ITAA 1997, that the goodwill of the company can be taken to have no value?"
  • TD 2011/D10 "Income tax: When considering the application of s 159GZZZQ(2) of ITAA 1936 to an exiting vendor practitioner-shareholder by a 'no goodwill' incorporated professional practice, will the Commissioner consider that the buy-back price is less than the market value of the shares merely because the price is calculated not to reflect the underlying goodwill of the company?" [Answer: No]

The due date for comments on both drafts is 25 November 2011.


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