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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
Kamlee currently works for Deloitte Touche Tohmatsu. Kamlee has over eight years experience in advising corporate groups and family owned businesses about Australian tax issues including business acquisition and disposals, private company loans, group structuring and restructuring and succession planning. Kamlee also has experience with capital gains tax issues particularly in relation to the application of the main residence exemption.
Current at 8 November 2007 Current at 21 November 2007 Click here to expand/collapse more articles by Kamlee COOREY.
 
Andrew MARTIN
Current at 14 December 2012 Click here to expand/collapse more articles by Andrew MARTIN.

 

This was presented at 2012 Corporate Tax Masterclass .

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BTWG and Australia in the Asian century

Author(s):  Grant WARDELL-JOHNSON

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