Source: Taxation In Australia Journal Article
Published Date: 1 May 2015
Valuations are commonly required for taxation purposes. Examples include tax consolidations, capital gains, transfer pricing, off-market buybacks, company restructures, financing and small business concessions. This article considers the recent review by the Inspector-General of Taxation of the administration of valuation matters by the ATO. The article contends that the recommendations made in the review are too conceptual, for the most part, to result in any meaningful reform. Further, the practical realities of the implementation of a number of the recommendations will likely result in further complications to the tax system and to the administration of the tax system in the absence of policy and legislative reforms from government. However, where government is willing to work on legislative reform or amendment/s in relation to the valuation aspects of the law, the recommendations may result in a simplification of the compliance requirements faced by taxpayers and the ATO.
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