Preserving Losses and Claiming Bad Debt Deductions

Published on 08 Jul 2009 | Took place at Holiday Inn, Adelaide, SA

In the current economic environment tax losses and capital losses will again come to the forefront of tax issues.

This event highlighted the operation of the various rules that can deny deductions for prior year losses and bad debts. It outlined practical issues for your clients and case studies considering:

• do tax losses have any value in an entity acquisition?
• the 'continuity of ownership' test for public and private companies
• the 'same business test' for companies
• the various trust loss rules
• claiming bad debt deductions
• how to document the results of these tests
• recent developments in this area, including ATO approaches and case law.

Note: This event included repeats of some materials from the event Everything There is to Know About Company Losses and Tax held on 27 May 2009 in Victoria, namely:

• The continuity of ownership test under Division 165 (paper by Andrew Van Dinter ATIA and Brian Lane)
• Everything there is to know about company losses and tax (presentation by Andrew Van Dinter ATIA)
• The same business test under Division 165 (paper by Brian Lane and Andrew Woollard FTIA)
• Same business test (presentation by Andrew Woollard FTIA).

Individual sessions

Trust loss & deduction rules

Author(s):  Sean VAN DER LINDEN,  Connie SANCHEZ

This paper covers:

• trust types
• trust losses and bad debt deductions
• planning to manage trust losses and bad debts.

Materials from this session:

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• Trust loss & deduction rules paper

  $75.00 non member price

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• Preserving losses and claiming bad debt deductions

  $15.00 non member price

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