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Life Company - Tax Consolidation Issues presentation


A worked example of a group of companies entering the consolidation regime, where the group includes a life company. Issues include:
- The treatment of deferred acquisition costs
- How the cost setting rules apply to:- assets held within the VPST and SEA; assets held within the ordinary business and how the rules differ in respect of participating business
- Contrasting the meaning of 'retained cost base assets' for life companies with non life companies
- How the definitions of 'retained cost base assets' and 'reset cost base assets' reconcile to Division 320 valuation methodologies

Author profile

Michael Brown CTA
Michael is Head of Tax at MLC, National Australia Bank's Wealth Management Division. Prior to joining MLC in 2002 he spent eight years at BT Financial Group where he was Chief Tax Counsel. He is Chairman of the Investment and Financial Services Association's Tax Working Group, Chairman of its Product Rationalisation Group and a member of their Economic, Savings and Tax Committee. Michael has been a key participant in the recent discussions with APRA, ASIC and the Treasury concerning product rationalisation. - Current at 19 March 2004
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This was presented at Beyond Tax Reform - Financial Services Taxation Conference .

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