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Tax treatment of liabilities – The unexplored parallel universe paper

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Published on 12 Mar 09 by NATIONAL DIVISION, THE TAX INSTITUTE

To date, the focus of our tax system has been on transactions involving assets, with only limited attention being given to liabilities. Recent legislative developments are addressing this imbalance, albeit in a piecemeal fashion. This paper deals with:

  • ambiguities raised by the way in which the tax system has traditionally dealt with liabilities
  • how liabilities alter tax outcomes on asset and entity acquisition transactions
  • the proposed TOFA treatment of liabilities
  • options for a more consistent tax treatment of liabilities.

Author profiles

Kenneth Spence CTA-Life
Photo of author, Ken SPENCE Ken is a Special Counsel in the Melbourne office of Greenwoods & Herbert Smith Freehills. He has been closely involved for many years in advising Australian and foreign-owned listed companies on M&A transactions and has been extensively involved with both clients and tax professional bodies in relation to all aspects of the tax consolidation regime. Ken is a past President of The Tax Institute. - Current at 23 August 2016
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Andrew de Wijn
Andrew de Wijn has been a barrister for 11 years, practising exclusively in tax matters. As well as appearing in courts and tribunals, Andrew provides technical tax advice to clients and assists in dealing with the ATO, particularly in relation to ruling requests and objections as well as settlement negotiations.Before coming to the Bar, Andrew worked for 8 years as a solicitor with Greenwoods & Freehills. - Current at 27 November 2023
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Enzo Coia CTA
Enzo Coia is a Tax Partner at KPMG with more than 25 year's experience advising on Australian tax matters associated with mergers and acquisitions. Enzo has significant expertise in advising clients in energy and resources. Enzo has advised on many significant transactions in power and utilities including renewable energy, mining and the oil and gas sectors. Enzo is a frequent presenter to industry bodies and has published many articles on mergers and acquisitions. - Current at 12 November 2025
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This was presented at 24th National Convention 2009 .

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Tax treatment of liabilities – The unexplored parallel universe

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