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Losses update paper

Published on 30 Oct 12 by NEW SOUTH WALES DIVISION, THE TAX INSTITUTE

The ability of companies to preserve and utilise carry forward tax losses continues to present challenges both for taxpayers and Government Revenue.

This paper covers:

  • current status of proposed loss carry back rules and review of loss rules recommended by Business Tax Working Group report on the tax treatment of losses
  • challenges faced by taxpayers in satisfying the “continuity of ownership” and “same business” tests
  • losses in the consolidation context, including transfers of losses to the head company of a consolidated group and available fraction calculations
  • current ATO compliance activity around loss claims.

Author profiles

Kamlee Coorey CTA
Kamlee is a partner in the Deloitte Corporate Tax Group and has over 16 years' experience in providing both inbound and outbound clients with advice around corporate structuring, financing and cash repatriation strategies and the application of the taxation of financial arrangements provisions. She also has significant experience in assisting clients with acquisition and divestment due diligence advice and associated tax consolidation and tax-effect accounting advice. Kamlee also has significant experience in advising clients in relation to the application of the loss recoupment tests including providing assistance with the practical application of both the continuity of ownership test and the same business test and on the entering into the tax consolidation regime. - Current at 21 August 2012
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Andrew Martin CTA
Andrew is a Manager at Deloitte's. - Current at 14 December 2012
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This was presented at 2012 Corporate Tax Masterclass .

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