Time to upgrade Australia's company tax system from imputation to integration
Source: Australian Tax Forum Journal Article
Published Date: 1 Dec 2018
The 1981 Campbell Committee report unsuccessfully recommended that Australia replace its then classical company tax system with an integration system that allocates companies' annual pre'tax economic income (including accrued gains) to their shareholders' personal tax assessments, even when no cash distributions are made. Since then, the scene has been set for serious consideration of a practical form of integration by a number of tax changes in Australia: a full imputation system that provides shareholders with credit for company tax paid on their dividend receipts; general capital gains taxation; and refunds of excess imputation credits.
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Details
- Published By: Wayne Mayo
- Published On:1 Dec 2018
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