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03 Jun 11 The Tax Institute CGT & Losses Subcommittee meeting

The Tax Institute's CGT & Losses Subcommittee Chaired by Mark Molesworth FTIA (bdo) met on Monday 30 May 2011. At this meeting, members discussed a number of issues including:

  • The Tax Institute's submissions on exposure draft legislation to amend the CGT provisions to make it easier for businesses to restructure;
  • Budget announcement in relation to proposed legislative amendments to correct a technical flaw in the calculation of the small business participation percentage when shares in a company are held jointly - this announcement was a direct result of a TIES submission made by this subcommittee;
  • Go-forward engagement strategy with the ATO following the expected finalisation of TD 2011/D3 ('No goodwill' incorporated professional practices);
  • Proposed legislative amendments in relation to the taxation treatment of Earn-outs and Instalment Warrants;
  • Proposed legislative amendments in relation to the application of the continuity of ownership test to companies that have classes of shares; and
  • The Tax Institute's submissions on a number of Proposals Papers released by Treasury in relation to proposed changes to the CGT provisions.