The government has recently introduced draft legislation which proposes to create a new framework for determining whether a company recoup tax losses that it incurred prior to a change of control or ownership.
It is widely acknowledged that owners who have a clear understanding of their business performance metrics and visibility of opportunities and risks are much more likely to survive and prosper. Successful ventures don't operate in the dark.
A recent decision made by the New South Wales court of Appeal has again raised the profile of the grouping provisions for Payroll Tax purposes. Specifically, the case concerned revolved around the interaction of grouping provisions and companies or employing entities that may on the face of it be unconnected.
Further to the Government’s tinkering in respect of the taxation of superannuation last year, additional requirements have been put into place for superannuation funds, including SMSF’s who will now have to report certain income stream events to the ATO.
Treasury has finally released the draft legislation detailing the changes proposed in the 2017-18 Federal Budget surrounding the CGT main residence exemption.