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Joint professional body submission in relation to TD 2008/D19

Published on 30 Jan 09 by THE TAX INSTITUTE

The professional bodies generally agree with the principles outlined in the Draft Determination.  Section 109Y clearly gives the Commissioner discretion to substitute an appropriate value to assets where the accounting records significantly undervalue the company's assets.  We agree that this discretion is not limited where the value of the relevant asset is not shown in the accounting records.  However, the Draft Determination lacks clarity and the example used in the ruling is confusing. 

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NATIONAL INSTITUTE OF ACCOUNTANTS
- Current at 19 November 2004
TAXPAYERS AUSTRALIA INC
- Current at 19 November 2004
TAXATION INSTITUTE OF AUSTRALIA
- Current at 19 November 2004
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ICAA
- Current at 19 November 2004
CPA AUSTRALIA
- Current at 19 November 2004

 

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