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Making the most of limited resources in tax due diligence - what to focus on in the purchase of a corporate entity paper
Published on 26 Oct 06 by NEW SOUTH WALES DIVISION, THE TAX INSTITUTE
Normally due diligence is carried out where a consolidated group is acquiring another consolidated group or a stand alone entity or group of entities - are you looking at the most significant matters or are the entities being acquired bringing unrecognised problems into the group? This paper covers topics including:
- joint and several liability exposure arising from membership of previous consolidated groups - lack of visibility
- risks from open assessment periods beyond four years
- latent tax liabilities which could be triggered on acquisition, for example
- CGT events L3, L5 and J1
- crystalisation of unrealised gains
- limitations on availability and utilisation of tax attributes
- changes in relative market values of group companies
- impact of gearing on available fraction calculations
- capital injection and other adjustments
- structural tax issues for the carry-forward entity arising from historical positions.
Author profile
Grant Wardell-Johnson CTA

This was presented at Annual Corporate Tax Intensive .
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Making the most of limited resources in tax due diligence
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