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Published on 28 Nov 08
by TASMANIAN DIVISION, THE TAX INSTITUTE
While the tax consolidation regime for corporate groups has now been operating for over 6 years, a large number of privately owned groups and their advisors are not totally familiar with how the regime operates in practice.
This paper provides practical direction as to the tax implications of a group electing to consolidate, and how to undertake the associated ‘entry' and ‘exit' calculations.
This paper covers:
determining what entities are eligible to join a consolidated group
determining how to reset the tax value of assets of an entity that joins a consolidated group
reviewing the implications of consolidations on tax losses
the implications in respect of pre-CGT intra-group shareholdings and underlying assets
addressing the implications when an entity leaves a consolidated group, and
key due diligence points relating to the acquisition of companies
The Tax Institute is a Recognised Tax Agent Association (RTAA) under the Tax Agent Services Regulations 2009.
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