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New rules potentially providing companies with greater access to tax losses have finally been enacted. This session will look at how the rules have changed and what the implications could be for companies that already have carried forward losses and companies that may make losses this year or in the future.
Examining the new law in detail, the session will also contain practical examples illustrating the operation of both the existing continuity of ownership test and the new continuity of business test. Amongst the issues to be covered are the following:
A look at the old rules for using company tax losses
An examination of what’s changed, specifically:
What is the business continuity test?
What is the ongoing relevance of the same business test?
What factors need to be taken into consideration when deciding if a business is ‘similar’?
What planning can clients undertake to ensure ongoing access to company tax losses?
Understanding ATO guidance on the new rules
Webinar Learning Outcomes:
Participants will gain an in-depth understanding of how the latest legislative developments and ATO guidance products will impact their corporate clients, how to advise clients and what planning can be done now or in the future to get the best tax outcomes for clients.
Ideal for tax practitioners, accountants and other professionals who deal with corporate clients and their owners.
Mark Chapman is the author of Life and Taxes: A Look At Life Through Tax and has recently edited and updated the second edition of Australian Practical Tax Examples, published in September 2019, both published by Wolters Kluwer CCH Australia.
He has over 25 years experience as a tax professional in both the UK and Australia, specialising in tax for small business and individuals. He is a fellow of the Institute of Chartered Accountants in England and Wales, a fellow of CPA Australia and a member of the Chartered Institute of Taxation. He holds a Masters of Taxation Law with the University of New Sout