03 Jun 1111 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.