Business Services Industry
[2314] Consolidation: transfer of losses.
Australasian Business Intelligence, January, 2007
Byline: Annamaria Carey
Jan 04, 2007 (Weekly Tax Bulletin - ABIX via COMTEX) -- Taxation Determinations 2006/75-76 concern losses transferred from a joining entity to the head company of a consolidated group. TD 75 specifies that the transferor must satisfy a continuity of ownership test to claim the loss. TD 76 discusses whether losses can be written off over three years. The Australian Taxation Office generally says they cannot and that the available fraction method must be utilised. However, the determination presents an alternate view about how the necessary conditions can be met.
Publication Date: 8 December 2006
AUSTRALIAN TAXATION OFFICE
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