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Tax effective liquidation - how to get your money out paper


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

Timothy Clifton FTI
Tim is a Chartered Accountant and Registered Liquidator with over 26 years’ insolvency experience across a broad spectrum of industries. Tim has extensive experience in appointments, particularly in the manufacturing, construction, hospitality and retail sectors. He has prepared many reports on the financial position of businesses and provided advice to directors. Tim is well versed on managing and selling businesses as well as investigating and pursuing recoveries on behalf of creditors. - Current at 04 January 2021
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Alistair Hutson CTA
Alistair 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 and speaks regularly for professional bodies in relation to tax. - Current at 06 November 2019
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