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The taxation of gains on liabilities

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Published on 01 Oct 06 by "THE TAX SPECIALIST" JOURNAL ARTICLE

The last decade has seen the introduction of a variety of measures intended to address specific examples of gains on liabilities, let alone the long-awaited TOFA measures. This paper provides a summary of the current landscape and puts the case for true reform over further incrementalism, namely the replacement of the existing web of measures with a simple and comprehensive system for the taxation of liabilities.

Author profile

Jeremy Hirschhorn CTA
Jeremy Hirschhorn was appointed to the Second Commissioner role from 16 April 2020. He has overall responsibility for the ATO’s Client Engagement Group, which fosters willing participation in Australia’s tax and super systems through well-designed client experiences. Jeremy has more than 20 years' experience in roles managing complex tax matters. As Deputy Commissioner of Public Groups & International from April 2015, Jeremy was responsible for ensuring that the largest Australian and multinational companies were meeting their corporate tax obligations and providing the Australian community with confidence that these large companies were being held to account. Jeremy also worked as Chief Tax Counsel, with responsibility for the provision of the ATO’s legal advice in relation to interpretation of the tax and super laws, when he joined the ATO in August 2014.Prior to joining the ATO, Jeremy was a senior partner in KPMG’s tax practice. Jeremy holds a Bachelor of Commerce and Bachelor of Laws from the University of NSW. He is a Chartered Tax Adviser and Chartered Accountant. - Current at 12 January 2023
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