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Tax Consolidations for Advisors of SME Groups – “What You Need to Know” (session 1)

Published on 26 Mar 2009 | Took place at Swissotel, Sydney, NSW

Are you prepared if your SME client asks you about the benefits of forming a tax consolidated group? Can you advise your SME client of how to cost-effectively form and maintain a tax consolidated group to reduce their tax burden?

Aimed at tax advisors, lawyers and in-house accountants involved in advising clients that are consolidated or that are considering forming a tax consolidated group this event focused on issues impacting tax consolidated groups in the SME market.

Note: The second session for this event was held on 23 April 2009. The materials were different and are on this website as a separate event.

Individual sessions

Forming a tax consolidated group – Tips and issues

Author(s):  Spyros KOTSOPOULOS

This paper covers:

  • defining the joining time - effective date vs. contract date vs. settlement
  • notifying the Tax Office
  • issues when dealing with stub tax returns
  • things to consider before forming or acquiring a tax group including triggering capital gains
  • buying loss companies and what you need to know about transferring losses into a tax consolidated group
  • how to tackle a Tax Sharing Agreement (TSA) and its implications
  • potential traps in setting ACAs and available fractions
  • tips for cost effective market valuations
  • how partnerships and trusts are consolidated
  • checklist of paperwork, record keeping and lodgment requirements.
Materials from this session: