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Tax effective liquidation - how to get your money out paper

Published on 29 Oct 13 by SOUTH AUSTRALIAN DIVISION, THE TAX INSTITUTE

The regulatory and legal issues covered by this paper include:

  • deregister vs members voluntary liquidation
  • the ATO’s approach as a potential creditor
  • preparing the company for appointment of a liquidator
  • dealing with shareholder credit loan accounts
  • the ATO clearance process – what’s involved, is it a practical concern

The tax planning issues covered by this paper include:

  • what should be done before appointment, e.g. dividends, returns of capital, release of debts
  • what action should be taken by the liquidator, e.g. in specie distribution of assets, distributionof reserves
  • Section 47 planning and strategies, e.g. different types of reserves, use of pre-CGT reserves and CGT discount/small business concessions
  • achieving insolvency – release of debts, impact on company and impact on related parties
  • stamp duty.

Author profiles:

Alistair Hutson CTA
Alistair Hutson is a Partner in the Corporate Tax Group of PwC in Adelaide. He provides taxation advice and support for corporate clients across areas such as mergers and acquisitions, tax due diligence, capital gains tax, cross-border transactions, international tax structuring, funding decisions and repatriation of profits. Alistair is a member of The Tax Institute’s SA State Council. Current at 17 August 2016 Click here to expand/collapse more articles by Alistair HUTSON.
 
Timothy Clifton FTI
Tim is a Partner at Clifton Hall. Tim has specific experience in all forms of corporate insolvency, including voluntary administrations, receiverships and court liquidations. He has specific experience in litigation support and the preparation and analysis of economic loss reports and detailed loss schedules. Current at 30 October 2013 Click here to expand/collapse more articles by Tim CLIFTON.
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