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Capital gains tax issues with respect to various intangibles upon deconsolidation
Published on 01 Oct 19 by "AUSTRALIAN TAX FORUM" JOURNAL ARTICLE
This article discusses, from a tax policy and legal perspective, the appropriate capital gains tax treatment of: (1) goodwill; (2) intellectual property rights; and (3) trade receivables in relation to deconsolidation. The consolidation legislation does not appear to expressly deal adequately with the issues that relevantly present themselves in this regard, which is an unfortunate lacuna considering that the presence of such assets could be said to be not uncommon in subsidiaries that are being disposed of by a tax consolidated group. Where available, guidance from the Australian Taxation Office fills this legislative gap only in part, and in its application is itself potentially problematic.
Author profiles
Carlos Barros
Carlos is Special Counsel, Macpherson Kelley (previously with the Tax Avoidance Taskforce, Australian Taxation Office). - Current at 15 October 2019
Eu-Jin Teo CTA
Eu-Jin Teo, CTA, is a prize-winning researcher and Senior Lecturer at The University of Melbourne. Co-author of Taxation Law in Context (by Oxford University Press) and updating author of the ‘Income and Assessable Income’ chapter of Halsbury’s Laws of Australia, he has been an Editorial Board member of the Melbourne University Law Review, is a former Editor of the Journal of Australian Taxation and is a member of the Law Institute of Victoria’s Taxation and Revenue Committee, State Taxes Committee, and Administrative Review and Constitutional Law Committee, which he previously chaired. Eu-Jin’s work has been cited by the High Court of Australia, during proceedings in Parliament, by The Australian Financial Review, and by the late Justice Graham Hill. - Current at 14 February 2023
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