Tax consolidation issues have been discussed and workshopped extensively over the past two years but now it's time for many corporates to bite the bullet, finalise their calculations and lodge their first consolidated return.
This paper reviews technical positions being taken on common difficult issues. It will also highlight the new issues that corporates will have to confront as they operate into the future as consolidated tax groups.
- The ACA 'terrible timing': Step 2 liabilities and Step 3 retained earnings.
- What are 'assets' for ACA allocation purposes.
- Capital allowance assets: 'over-depreciation' and future depreciation rates.
- Strategies for loss and value 'donations'.
This was also presented at the Consolidation: 10 traps to watch out for seminars held in Melbourne on 20 May 2004 and in Sydney on 26 May 2004.