Published on 03 Apr 01
by NEW SOUTH WALES DIVISION, THE TAX INSTITUTE
This paper dicusses Debt versus Equity, with a focus on the the concept of debt and equity as defined in Division 153 looking at three main areas:
(i) denying deductions for payments in respect of 'non-share' equity and enabling deductibility of payments made in respect of 'debt-like' equity;
(ii) determining equity for the purposes of franking; and
(iii) determining treatment of return of capital;
determining debt capital and equity interests for the purposes of the thin capitalisation provisions.
Paul King CTA
Paul King, CTA, is a senior Tax Counsel in Minter Ellison’s Tax Group. Paul has 33 years experience in providing corporate tax advice with particular emphasis on the finance and property industries. This has involved all facets of borrowing/lending, structured financing and investment and asset leasing. Paul has been consistently ranked among the countries best tax lawyers by Chambers Asia; Who’s Who Legal and Best Lawyers: Australia. Current at 23 April 2014
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