Published on 16 May 13
by NEW SOUTH WALES DIVISION, THE TAX INSTITUTE
This paper is based on a practical case study to show how the consolidation provisions apply to set the tax cost of assets for acquisitions under the rules that apply from 2011.
Some of the issues the case study focus on include:
treatment of non-CGT assets such as customer relationships
treatment of rights to future income (RTFI) assets
implications for amounts that are allocated to goodwill
treatment of accounting liabilities and the related interaction of the consolidation and TOFA regimes.
Craig Marston CTA
Craig Marston is a Senior Manager with more than a decade of tax experience. Craig recently joined KPMG, after six years with Greenwoods & Herbert Smith Freehills where he advised private and ASX listed companies and trusts on a broad range of income tax issues from the consolidation regime to TOF to general corporate/M&A matters and managing ATO engagements. Craig has worked with several Australian banks and life/funds management groups as well as various listed and foreign private property trusts. Craig has also assisted high net worth individuals and family groups with managing their tax affairs. Current at 13 April 2016
Julian is a Senior Associate at Greenwoods & Herbert Smith Freehills Pty Limited. He advises on the domestic and international tax aspects of a wide range of matters for clients, primarily in the finance, infrastructure, property and funds management sectors. He has been involved in advising on the tax aspects of corporate acquisitions and reorganisations, cross-border financing transactions, financial products and capital raisings. Current at 02 June 2015
The Tax Institute is a Recognised Tax Agent Association (RTAA) under the Tax Agent Services Regulations 2009.
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