04 Jul 088
Taxation Institute's CGT and Losses Subcommittee
The Taxation Institute's CGT and Losses Subcommittee, chaired by Jim McMillan FTIA (PWC Adelaide), met on Tuesday 1 July 2008. In addition to discussing a number of technical issues (including CGT and earnouts, and the application of the control test to small businesses for applying the CGT concession), the main focus of the meeting was to identify agenda items to be raised with the ATO at the next meeting of the NTLG CGT and Losses Subcommittee in November 2008. We will be raising a matter concerning the effect of roll-over on liquidations under section 126-85 ITAA 1997. The role of members in respect of pending consultation was also discussed.