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Tax consolidation changes


The tax consolidation regime has recently undergone substantial amendment, and there are more amendments to come. This article considers the recent round of amendments, namely, changes relating to the tax cost of rights to future income and the residual tax cost-setting rule, and the interaction of the taxation of financial arrangement rules with tax consolidation. The article also discusses forthcoming changes embodied in the recommendations of the Board of Taxation contained in the Restoring Integrity to the Consolidation Regime exposure draft legislation released by Treasury on 28 April 2015. The authors conclude that, following the recent amendments, there are several issues on which different interpretations are open to taxpayers and the ATO alike.The impending introduction of further legislative changes will also keep all in the industry busy, as will the on going reviews into a number of recommendations of the Board of Taxation, and the MEC group rules.

Author profiles

Daniel Sydes ATI
Daniel is a Director at Greenwoods & Herbert Smith Freehills Pty Limited, with over 15 years of tax adviser experience. Daniel advises on a wide range of corporate tax issues, particularly within the property construction and development, property funds management, and media sectors. One of Daniel's key areas of expertise is the MIT, AMIT and clean building MIT regimes, and the various issues that arise in property development transactions. - Current at 22 November 2017
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Andrew Hirst CTA
Andrew of Greenwoods & Herbert Smith Freehills, advises on a wide range of corporate and bankingrelated tax issues with a particular focus on financial and international transactions. Andrew has been actively involved in the development of the antihybrid rules. - Current at 29 May 2019
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