Miscellaneous 2008

Losing my Losses: Are the loss restriction rules applying to Australia's tax transparent companies adequate?

Source: Australian Tax Forum Journal Article

Published Date: 1 Jul 2008

It has been argued that the Australian government prefers an entity tax approach for business forms providing member(s) with limited liability and separate entity status. This contrasts a number of foreign jurisdictions that have provided tax transparency to such business forms (‘tax transparent companies’), with income and/or losses directly allocated to members for tax purposes. Examples of foreign tax transparent companies include S Corporations and Limited Liability Companies in the United States, Limited Liability Partnerships in the United Kingdom; and Loss Attributing Qualifying Companies and new limited partnerships in New Zealand.

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Miscellaneous 2008

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