Published on 09 Feb 06
by NEW SOUTH WALES DIVISION, THE TAX INSTITUTE
The passage of Tax Laws Amendment (Loss Recoupment Rules and Other Measures) Bill 2005 will have far reaching implications for many companies with carried forward losses. This presentation explores some of the key issues that should be considered as a result of the new legislation and looks at these measures and their interaction with the existing losses regime, with a particular focus on the smaller end of the market. The main issues discussed in depth are:
- practical application of the new modified continuity of ownership test (COT)
- interaction of the new COT with the same business test
- other amendments made by the above Bill relevant for the SME market
- de-mystifying Subdiv 165-CC.
The emphasis is on the practical aspects of the new legislation with worked examples.
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