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Accounting for tax consolidation

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Published on 01 Apr 11 by "TAXATION IN AUSTRALIA" JOURNAL ARTICLE

Following the coming into force of the tax consolidation regime in 2002, the Australian Accounting Standards Board's Urgent Issues Group issued Interpretation 1052 — Tax Consolidation Accounting to provide authoritative guidance on acceptable accounting for income taxes in a tax-consolidated group. The purpose of this article is to explain the key features of Interpretation 1052 and to outline the steps taxconsolidated groups need to work through to recognise current and deferred tax balances. The article explains recognition of tax balances, the accounting process, alignment of accounting to tax consolidation core rules,
tax consolidation adjustments, and disclosure of necessary information. Examples illustrating the accounting for income tax within a tax-consolidated group are provided. The author cautions that the alignment of accounting to tax results in some interesting equity adjustments and should be avoided where possible.

Author profile

Davide Costanzo CTA
Photo of author, Davide COSTANZO Davide is a Tax Director in the Tax and Business Advisory division of Moore Stephens in Western Australia. He joined the firm in 2002. Davide’s expertise is in tax consulting and tax compliance for SME business and corporate clients both locally and internationally. His work has required a comprehensive knowledge of taxation, accounting and commercial matters. - Current at 09 January 2020
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