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  Miscellaneous 2005

Issues on exiting from a consolidated group

Source: New South Wales

Published Date: 22 Feb 2005

 

Issues covered in this presentation include:

  • when does an entity exit? - special issues on liquidation and for MEC groups
  • a CGT event L5 if liabilities exceed the tax cost of assets - a problem with insolvent subsidiaries
  • assets which may not have a cost base on exit
  • what is the tax value of intra-group assets and liabilities when an entity leaves a group?
  • issues with merged and split assets and goodwill
  • issues with liabilities and the impact of IFRS, the interaction between s711-45(3) and (5)
  • if Division 149 applies after the formation of a group, what is its effect on the disposal of a subsidiary member with a pre-CGT factor?
  • when is the gain or loss of the head company on the disposal of membership interests
  • in subsidiary member on revenue or capital account.

This was also presented by Paul Abbey at the Tax Consolidation seminar held in Sydney on 22 February 2005.

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  • Published By: David Romans
  • Published On:22 Feb 2005
  • Took place at:Dockside Function Centre, Darling Harbour

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