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The New Modified Loss Recoupment Rules

Published on 12 Oct 2005 | Took place at Novotel on Collins, Melbourne, VIC

The long awaited legislation to give effect to the Assistant Treasurer's announcement of 7 April 2004 dealing with 'modified' rules for losses has finally been introduced. The new tracing rules will impact widely held corporate groups, and groups with indirect widely held interests. In addition, the removal of the same business test will potentially impact all large companies and groups, not only those that can benefit from the new simplified tracing rules.

These seminar materials are designed to familiarise practitioners with the technical substance of the new rules, to provide examples of the practical issues that will need to be considered in applying the new tracing rules, and to highlight potential traps in their application.

Get a 20% discount when you buy all the items from this event.

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Individual sessions

Using the modified 'substantial continuity of ownership' test

Author(s):  Andrew WOOLLARD

This presentation covers:

  • Eligibility - what is a 'widely held' or 'eligible Div 166 company'?
  • How the modified tracing rules apply in relation to:
    • directly and indirectly held interests of less than 10%
    • deemed beneficial owners
    • the loss integrity and unrealised loss rules
    • bad debts claims
    • net capital losses
  • Ultimate owners
    • family trusts
    • Governments
  • Testing for preference shares and shares with varying rights
  • When testing must occur?
    • the basic rule
    • loss companies coming into existence in the loss year
    • applying prior year capital losses
    • current year losses.
Materials from this session:

Context and carve-outs

Author(s):  Duncan R C BAXTER

This paper covers:

  • historical and legislative context to the modified COT
  • the objects clause
  • concessional effect
  • the 'corporate change' rule
  • other carve-outs:
    • minimum interests rule
    • controlled companies
    • different notional shareholders
    • general modifying rules
  • application dates and elections.
Materials from this session: