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.
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